Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-50 - CLIMATE CHANGE  

Division 421 - Hydrogen production tax incentive  

Subdivision 421-A - Tax offset for hydrogen produced in Australia  

SECTION 421-45   HPTO community benefit rules  

421-45(1)    
The Minister may, by legislative instrument, make the following rules (the HPTO community benefit rules ):

(a) rules that:

(i) apply to companies within a specified class for an income year; and

(ii) specify conditions that must be met for such a company to be entitled to a * hydrogen production tax offset for the income year;

(b) rules that:

(i) apply to companies within a specified class for an income year; and

(ii) specify circumstances that, if they exist for such a company, will reduce the amount of the company ' s hydrogen production tax offset for the income year by a specified proportion.

Note:

For subparagraph (b)(ii) , different proportions may be specified for different circumstances (see subsection 33(3A) of the Acts Interpretation Act 1901 ).

421-45(2)    
In making the * HPTO community benefit rules, the Minister must have regard to the community benefit principles (within the meaning of subsection 10(3) of the Future Made in Australia Act 2024 ).

421-45(3)    
When having regard to those principles, the Minister is to treat the * hydrogen production tax offset as if it were Future Made in Australia support (within the meaning of the Future Made in Australia Act 2024 ).

421-45(4)    
This section does not apply if the Future Made in Australia Act 2024 has not commenced.