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In a press release issued on 12 November 2008, the Treasurer, Mr Swan, announced that the government will introduce a transitional safety net to cover charities looking to participate in the National Rental Affordability Scheme (NRAS).

To ensure that the charitable sector can participate fully in the scheme, the Government will introduce a transitional safety net by amending both charity and tax laws. The amendment will mean that the proposed participation of existing charities in the Establishment Phase of NRAS will not affect their charitable status.

To ensure that charitable tax concessions remain appropriately targeted, the Government considers that the safety net should apply to those charities that make applications for 11,000 incentives available in the Establishment Phase of NRAS - for projects that will be built in 2008-09 and 2009/10 of the Scheme. The safety net will expire at the conclusion of the Establishment Phase.

For a copy of the Treasurer's press release, No 2008/128, 12 November 2008, go here.

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