Income Tax Assessment Act 1997

Pt 3-50 inserted by No 132 of 2011, s 3 and Sch 2 item 28, effective 2 April 2012.

Div 420 inserted by No 132 of 2011, s 3 and Sch 2 item 28, effective 2 April 2012.

Subdiv 420-D inserted by No 132 of 2011, s 3 and Sch 2 item 28, effective 2 April 2012.

S 420-58 repealed by No 83 of 2014, s 3 and Sch 1 item 186, effective 1 July 2014. For application provision see note under s 26-18 . S 420-58 formerly read:

SECTION 420-58 Value of registered emissions units at end of income year - certain free carbon units  
Scope

420-58(1)
This section applies to a *carbon unit with a particular *vintage year if:

(a) it was issued to you in accordance with the Jobs and Competitiveness Program (within the meaning of the Clean Energy Act 2011 ); and

(b) you *held it throughout the period:

(i) beginning when it was issued to you; and

(ii) ending at the end of an income year that ended before 1 February in the financial year next following the vintage year.

Value

420-58(2)
The value of the unit you *held at the end of an income year that ended during that period is a nil amount.

420-58(3)
For the purposes of:

(a) subsection 420-57(3) ; and

(b) paragraph 420-57(5)(c) ;

the method that applied to a previous income year mentioned in that subsection or paragraph, as the case may be, is the method that would have applied if this section had not been enacted.

S 420-58 inserted by No 132 of 2011, s 3 and Sch 2 item 28, effective 2 April 2012.