National Rental Affordability Scheme
The National Rental Affordability Scheme (NRAS or the Scheme), which commenced in 2008, aims to increase the supply of new and affordable rental dwellings by providing an annual financial incentive for up to ten years. This incentive is issued to housing providers (“approved participants”) to provide affordable rental dwellings at least 20 per cent below market rates.
More information about the Scheme is available on the About NRAS page.
Latest news and events
27 May 2021 – Update to 2020-21 payments processing
| 2020-21 |
Ready for assessment |
Paid |
|
|---|---|---|---|
|
Number of approved participants |
61 |
22 |
|
|
Number of incentives |
22,881 |
6,694 |
|
To date 61 approved participants submitted 22,881 Statements of Compliance (SOCs). As at 27 May 2021, the SOCs for 22 approved participants have been assessed and paid, in total or in part, resulting in 6,694 incentives issued.
National Rental Affordability Scheme Regulations 2020
On 1 April 2020 the National Rental Affordability Scheme Regulations 2020 (2020 Regulations) came into effect replacing the 2008 Regulations that ceased operating on 1 April 2020, under the sunsetting provisions in the Legislation Act 2003.
The 2020 Regulations have introduced a number of new and changed provisions, now known as sections/subsections.
All forms have been created or updated in line with the 2020 Regulations. These will become available on 1 April 2020 and be listed below. Approved participants will need to start using these forms from 1 April 2020.
If you have any questions regarding the 2020 Regulations please email nras@dss.gov.au.
There are a number of new and updated provisions in the 2020 Regulations. These are summarised in the Regulations 2020 Summary of Changes document.
A guide has been produced to show which 2008 Regulations translate to the 2020 Regulations and vice versa.
All forms have been created or updated in line with the 2020 Regulations. These are now available as listed below. Approved participants will need to start using these forms from 1 April 2020.
If you have any questions regarding the 2020 Regulations please email nras@dss.gov.au.
Forms
- Application to Extend the Lodgement Date for Statement of Compliance
- Request for exception – outstanding documents or information
- Application to Extend the Lodgement Date of the Market Rent Valuation
- Election to Receive an Incentive as a Tax Offset Certificate rather than Monetary Payment
- Application to Vary or Remove Special Conditions
- Investor request to transfer an allocation to another approved participant
- Request by an Approved Participant to revoke an allocation form
- Request to Transfer an Allocation from one Approved Participant to another Approved Participant Form
- Tenant Demographic Assessment and Consent Form
- Request to Transfer an Allocation to another Rental Dwelling (Substitution)
- Market Rent Valuation – Checklist Form
- Notice of end of allocation
- Maximum Rent Determination and Request for Internal Review of a Decision to Reduce the Amount of an Incentive
October 2019 National Rental Affordability Scheme Amendment Bill 2019
The National Rental Affordability Scheme Amendment Bill 2019 passed the Senate on 22 July 2019 and the House of Representatives on 17 October 2019. The Bill was given Royal Assent and enacted on 30 October 2019. The new National Rental Affordability Scheme Act 2008 clarifies provisions and provides further flexibility in the administration of the NRAS, including supporting the making of new regulations to replace the National Rental Affordability Scheme Regulations 2008 (the current Regulations) which sunset on 1 April 2020.
Notice of disqualifying breach determination against National Rental Affordability Scheme (NRAS) approved participant McKenzie Bond Pty Ltd (McKenzie Bond)
Particulars of disqualifying breach
On 12 December 2019, a delegate of the Department of Social Services (the department) made an official determination that the approved participant McKenzie Bond had committed a ’disqualifying breach’ as set out at regulation 22BC of the National Rental Affordability Scheme Regulations 2008 (NRAS Regulations). The determination takes effect from 10 January 2020 following the expiry of the appeal period.
McKenzie Bond’s breach resulted from an insolvency event triggered by entering into liquidation on 14 October 2019.
Consequences of disqualifying breach determination
The ‘disqualifying breach’ determination means that all McKenzie Bond’s allocations must be transferred or revoked within six months of the determination. If you are a current or a previous NRAS dwelling owner with McKenzie Bond as the approved participant (from 1 May 2018 onwards) and you have not already been in contact with the department, please email nras@dss.gov.au to find out how the breach will affect you.
Notice of serious breach determination against National Rental Affordability Scheme (NRAS) approved participant BRAL Investments Pty Ltd (BRAL)
Particulars of serious breach
On 16 September 2019, a Deputy Secretary of the Department of Social Services (the department) made an official determination that BRAL had committed a “serious breach” as set out at regulation 22BB(1)(b)(ii) of the National Rental Affordability Scheme Regulations 2008 (NRAS Regulations).
BRAL’s breach resulted from its failure to comply with an obligation to provide information to a gaining approved participant as requested by the Secretary of the department under regulation 22D(3) of the NRAS Regulations.
Consequences of serious breach determination
A determination under regulation 22BB(2)(b) that a “serious breach” has occurred means that any investor who owns an approved NRAS dwelling for which BRAL is the approved participant may make a request to transfer the NRAS allocation attached to that dwelling to another approved participant. Such a request must be in writing and addressed to the Secretary of the department. Written requests to transfer should be sent by email to nras@dss.gov.au.
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