The National Rental Affordability Scheme (NRAS) is a partnership between the Australian, state and territory governments to invest in affordable rental housing for low and moderate income earners.
Record a Tax Adjustment for the Federal Incentive
|From the Main Toolbar, go to Compliance.
|Select Period compliance from the list.
|Select Tax Adjustment.
The NRAS amount is input as a tax adjustment prior to completing The Create Entries Process.
Tax Adjustments should only be made for the final create entries for the year.
Select National Rental Affordability Scheme Tax Offset (E3) to record the amount.
Select + Add another tax adjustment to input an additional adjustment(s). Select Save and you can continue with The Create Entries Process.
State and territory contributions
State and territory contributions received which may not be included in the assessable income can be recorded to a Linked Income Account to the Investment.
If the Income received is non-assessable you will need to follow the steps below:
- Navigate to the Chart of Accounts.
- Search and edit on the Income account.
- Select More Details and switch the Tax Label to Not Applicable - Permanent Difference.
- Save Changes.