“NAHC Latest Key Docs” at the top right hand corner of this home
page. NAHC requests that all current and prospective owners
Australian Tax Office has released a private binding ruling on the
public ATO register which concerns the apportionment or rental expenses
for NRAS Approved Rental Dwellings.
ruling provides: ‘While
derivation of assessable income by way of rent is one objective
your participation in NRAS, the receipt of government incentives,
state government NANE (non-assessable non-exempt) income is another.
associated with making your property available as an NRAS rental
need to be apportioned to reflect the derivation of associated
income and NANE income. Accordingly the rental expenses you will incur
respect of the rental property must be apportioned, limiting your claim
deduction to the portion of costs relating to the derivation of
full copy of the private ruling may be obtained here.
a private ruling on the ATO register cannot be relied upon by members
of the public (other than the private recipient of the ruling) in their
tax returns. The ATO advises:
rulings in the Register have been edited and may not contain all the
details relevant to each decision. Do not use the Register to predict
Office policy or decisions.’ NAHC
cannot provide taxation or legal advice. Investors should receive their
own taxation advice in respect of the ability to claim deductions for
expenses (including insurance, repairs and loan interest) incurred in
respect of an NRAS Approved Rental Dwelling.