Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-50 - CLIMATE CHANGE  

Division 420 - Registered emissions units  

Subdivision 420-C - Disposing of registered emissions units etc.  

SECTION 420-30   420-30   Non-arm ' s length transactions and transactions with associates  


If:


(a) an entity (the transferor ) ceases to *hold a *registered emissions unit; and


(b) the cessation is because of the transfer of the unit to:


(i) a Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); or

(ii) a foreign account (within the meaning of that Act);
kept by another entity (the transferee ); and


(c) either:


(i) the transferor and the transferee did not deal with each other at *arm ' s length; or

(ii) the transferee is the transferor ' s *associate; and


(d) the transferee did not pay or give consideration equal to the *market value of the unit for the transfer of the unit;

the transferor is treated as if the transferor were entitled to receive an amount equal to that market value because the transferor ceased to be the holder of the unit.


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