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Treasurer's response to recent ATO interpretive decision affecting some NRAS projects
Many of you are aware of the recent ATO interpretive decision that prohibits dwelling owners who lease their properties to an NRAS-entitled entity, who then sublease the dwelling to eligible tenants, from receiving the NRAS tax offset ( see http://law.ato.gov.au/atolaw/view.htm?docid=AID/AID2009146/00001). In response to that decision, CHFA wrote to Treasurer Swan noting the serious ramifications this decision could have on current and potential NRAS participants and requested a clarification on the Government’s position.
CHFA received a response from the Treasurer and Minister Plibersek. Of particular importance is the commitment from ATO that they will provide guidance before Christmas on acceptable NRAS models including trusts, partnerships and non-entity joint ventures; and that “the Government is committed to NRAS, and will introduce adjustments to the regime if necessary to fully achieve its policy objectives of increasing housing supply”.
The letter from Treasurer Wayne Swan and Minister Plibersek to CHFA is available here
| Attachment | Size |
|---|---|
| Scan of Signed Joint Letter to Carol Croce December 2009 (2).pdf | 623 KB |
