Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-50 - CLIMATE CHANGE  

Division 420 - Registered emissions units  

Subdivision 420-E - Exclusivity of Division  

SECTION 420-65   Exclusivity of deductions etc.  

Expenditure incurred in becoming the holder of a registered emissions unit

420-65(1)  
You cannot deduct under any provision of this Act outside this Division any expenditure to the extent that you incur it in becoming the *holder of a *registered emissions unit.

420-65(2)  
To the extent you incur expenditure in becoming the *holder of a *registered emissions unit, the expenditure is not to be taken into account in working out:


(a) an amount you can deduct; or


(b) an amount included in your assessable income;

under any provision of this Act outside this Division.

420-65(3)  
(Repealed by No 83 of 2014)

Australian carbon credit units

420-65(4)  
Subsections (1) and (2) do not affect the application of a provision of this Act outside this Division to expenditure you incur in becoming the *holder of an *Australian carbon credit unit issued to you in accordance with the Carbon Credits (Carbon Farming Initiative) Act 2011 if you do not incur the expenditure in preparing or lodging:


(a) an application for a certificate of entitlement (within the meaning of that Act); or


(b) an offsets report (within the meaning of that Act).

420-65(5)  
Subsections (1) and (2) do not affect the operation of Division 30 (deductions for gifts and contributions).

Note:

If you make a gift or contribution, Division 30 applies in the normal way to determine whether you can deduct the amount of the gift or contribution.

Expenditure incurred in ceasing to hold a registered emissions unit

420-65(6)  
You cannot deduct under any provision of this Act outside this Division any expenditure to the extent that you incur it in ceasing to *hold a *registered emissions unit.


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