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National Rental Affordability Scheme Bill 2008

Part 1 Preliminary

   

1   Short title

                   This Act may be cited as the National Rental Affordability Scheme Act 2008 .

2  Commencement

                   This Act is taken to have commenced on 1 July 2008.

3   Object

                   The object of this Act is to encourage large-scale investment in housing by offering an incentive to participants in the National Rental Affordability Scheme so as to:

                     (a)  increase the supply of affordable rental dwellings; and

                     (b)  reduce rental costs for low and moderate income households.

4   Definitions

                   In this Act:

acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.

allocation , in relation to an incentive period, means an allotment to an approved participant of an entitlement to receive an incentive for an approved rental dwelling in relation to an NRAS year that falls within the incentive period if conditions are satisfied in relation to the rental dwelling.

incentive means:

                     (a)  a National Rental Affordability Scheme Tax Offset; or

                     (b)  an amount payable for an NRAS year.

Note:          Paragraph (a)—for provisions relating to claiming the National Rental Affordability Scheme Tax Offset, see Division 380 of the Income Tax Assessment Act 1997 .

incentive period means a 10 year period that starts on or after 1 July 2008.

just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.

National Rental Affordability Scheme means the scheme prescribed for the purposes of section 5.

NRAS year (short for National Rental Affordability Scheme year) means:

                     (a)  the period beginning on 1 July 2008 and ending on 30 April 2009; and

                     (b)  the year beginning on 1 May 2009 and later years beginning on 1 May.

rental dwelling means a dwelling for which rent is payable and includes:

                     (a)  a part of a dwelling or building that is capable of being lived in as a separate residence; and

                     (b)  a unit that is a dwelling; and

                     (c)  any dwelling prescribed by the regulations to be a rental dwelling for the purposes of this definition;

but does not include a caravan, houseboat, another kind of mobile dwelling or any dwelling prescribed by the regulations not to be a rental dwelling for the purposes of this definition.

Secretary means the Secretary of the Department.

unit means a unit held under a strata title system (or a similar system) established under a law of a State or Territory (however the unit is described for the purpose of that law), together with:

                     (a)  any accompanying common property; and

                     (b)  any permanent improvement (for example, a garage or storeroom) associated with the unit.