Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-50 - CLIMATE CHANGE  

Division 420 - Registered emissions units  

Subdivision 420-D - Accounting for registered emissions units you hold at the start or end of the income year  

SECTION 420-55   Valuation method for first income year at the end of which you held registered emissions units  

Scope

420-55(1)    
This section applies if:

(a) you *held one or more *registered emissions units at the end of an income year; and

(b) the income year is the first income year at the end of which you held one or more registered emissions units. Choice of method

420-55(2)    
You may choose one of the following methods:

(a) the *FIFO cost method;

(b) the *actual cost method;

(c) the *market value method;

for working out the value of the *registered emissions units you *held at the end of the income year.

FIFO cost method applies if no choice made

420-55(3)    
If you do not make a choice under subsection (2) for the income year, the value of the *registered emissions units you *held at the end of the income year is worked out using the *FIFO cost method. Time for making choice

420-55(4)    
You must make a choice under subsection (2) before you lodge your *income tax return for the income year for which you make the choice. No revocation of choice

420-55(5)    
A choice made under subsection (2) cannot be revoked.

420-55(6)    
(Repealed by No 83 of 2014)