National Rental Affordability Scheme (NRAS) Glossary of terms
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.
Means the legal entity that submits an application.
Means the application for an allocation submitted by an Applicant. The application must be filled out in accordance with the requirements in the Application Guidelines, on an Application Form and submitted by the Closing Date.
Means the Application Form made available to Applicants to submit an Application for an allocation of National Rental Incentives under a call for Applications. The application must be submitted in accordance with the instructions on the Application Form.
Mean the Application Guidelines made available by the Department to entities interested in submitting an Application under the Scheme and contain information on submitting the Application.
Means the period for applicants to complete and submit their Application Form. It commences from the time the Call for Applications is advertised and the Application Forms and supporting information are available and finishes on the Closing Date for submission of applications. During this period the Department will only respond to requests for information that seek clarification of issues or material that allow them to better understand the requirements of the Application Form and Application Guidelines.
Means a person or entity approved under Regulation 14 or 21 of the National Rental Affordability Scheme Regulations 2008.
Approved Rental Dwelling
Means a rental dwelling approved under regulation 14 or 20 of the National Rental Affordability Scheme Regulations 2008.
Means the Criteria for assessing applications as outlined the National Rental Affordability Scheme Regulations 2008.
Means the process for assessing Applications as outlined in the Application Guidelines and the Application Form (Regulation 12 of the NRAS Regulations refers).
The Australian Government Department Social Services (DSS)
For tenants of an approved rental dwelling, the ‘eligibility year’ is the period of 12 months commencing on the day, or the anniversary of that day, on which they became tenants of the dwelling. Tenants whose income exceeds the appropriate upper income limit for their household type for two consecutive eligibility years cease to be eligible tenants.
Endorsed Charitable Institution
An entity that is endorsed as exempt from income tax by the Commissioner of Taxation under section 50‑105 of the Income Tax Assessment Act 1997.
For NRAS purposes, a household is considered to be all persons ordinarily residing in the dwelling. The Department therefore requires all persons who ordinarily reside in an approved rental dwelling to have their income included as a member of the one household, in accordance with the income limits.
(a) a National Rental Affordability Scheme Refundable Tax Offset
(b) an amount payable for an NRAS year.
Means a 10 year period that starts on or after 1 July 2008.
Non-entity joint venture
Means an arrangement that the Commissioner is satisfied is a contractual arrangement under which two or more parties undertake an economic activity that is subject to the joint control of the parties; and that is entered into to obtain individual benefits for the parties, in the form of a share of the output of the arrangement rather than joint or collective profits for all the parties.
Short for National Rental Affordability Scheme year, and means:
- the period beginning on 1 July 2008 and ending on 30 April 2009
- the year beginning on 1 May 2009 and later years beginning on 1 May.
NRAS Incentive Index
The Rents component of the Housing Group of the CPI for the year, December quarter to December quarter as at 1 March of the immediately preceding NRAS year, using the Summary Table weighted average rate of eight capital cities housing component, as published in the Australian Bureau of Statistics publication Cat. no. 6401.0 — CPI, Australia, CPI: Group, Sub-group and Expenditure Class, rounded to the nearest single decimal point.
NRAS Market Index
The Rents component of the Housing Group of the CPI for the year, December quarter to December quarter as at 1 March of the immediately preceding NRAS year, using the capital city index for the relevant State, as published in the Australian Bureau of Statistics publication Cat. no. 6401.0 — CPI, Australia, CPI: Group, Sub‑group and Expenditure Class, Index Numbers by Capital City table (or equivalent), rounded to the nearest single decimal point.
NRAS Tenant Income Index
The All Groups component of the CPI, percentage change from corresponding quarter of the previous year, March quarter, using the all groups weighted average of eight capital cities as published in the Australian Bureau of Statistics publication Cat. no. 6401.0 – CPI Australia, CPI: Groups, Weighted Average of Eight Capital Cities, Index Numbers and Percentage Changes, rounded to the nearest single decimal point.
Means a dwelling for which rent is payable and includes:
- a part of the dwelling or building that is capable of being lived in as a separate residence
- a unit that is a dwelling.
However,it 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.
A dwelling is not a rental dwelling for the purposes of the scheme if landlord, tenancy, building and health and safety laws of the State or Territory and local government area in which the dwelling is located do not apply to it.
Means an allotment to an applicant of an entitlement to receive an allocation in relation to a dwelling or proposed dwelling, which is reserved until the conditions specified in the offer of reserved allocation are met.
Means an applicant who the Secretary chooses to offer an allocation to under the Scheme. The Selection Process will result in a short list of recommended applicants. The short list will be forwarded to the Secretary, or his nominated delegate, for consideration. Applicants will be advised of their success or otherwise. The choice of the Secretary of successful applicants is final.
Statement of Compliance
Means the annual statement of compliance with the Scheme’s requirements, which is required for each approved rental dwelling for the NRAS year must be lodged by the person or entity who is the Approved Participant at the end of the NRAS year by the following 13 May (or, for retrospective allocations where this is not possible, as soon as practicable after the allocation is made