2011 Amendments to the Income Tax Assessment Act 1997 (Cth)

The Commonwealth Senate passed legislation amending the National Rental Affordability Scheme
provisions within the Income Tax Assessment Act 1997 (Cth) on 23 June 2011. Those amendments
can be located at http://www.comlaw.gov.au/Details/C2011B00100.

The new amendments introduce the new concept of an ‘NRAS Consortium’ which is intended to
allow for further innovation in the structuring of models to enable the delivery of the NRAS into the
marketplace. The amendments were also introduced to ensure Approved Participants are able to
operate a NRAS Delivery model which comprises a Head Lease, and to provide certainty around the
processing of tax offset certificates.

Under the new amendments, Approved Participants operating a head lease model will need to notify
the Australian Government of the dwellings for which Owners have entered that model on an annual
basis. This notificaton is to be made in the form approved by the Commonwealth Government and
is to be made within 30 days of the issue of the certificate (or amended certificate) to the Approved
Participant.