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 420-70   Exclusivity of assessable income etc.  

420-70(1)  
An amount that you are entitled to receive because you ceased to *hold a *registered emissions unit is not to be:


(a) included in your assessable income; or


(b) taken into account in working out your assessable income; or


(c) taken into account in working out an amount you can deduct;

under any provision of this Act outside this Division.

420-70(2)  
Subsection (1) does not affect the operation of Division 6 so far as that Division provides for the significance of residence or source for the assessability of ordinary and statutory income.

Note:

An amount included in your assessable income under this Division may be ordinary or statutory income for the purposes of Division 6 .

420-70(3)  
(Repealed by No 83 of 2014)

Australian carbon credit units

420-70(4)  
An amount is not to be included in your assessable income under any provision of this Act outside this Division because an *Australian carbon credit unit was issued to you in accordance with the Carbon Credits (Carbon Farming Initiative) Act 2011 .

Note 1:

A capital gain or capital loss you make from a registered emissions unit is disregarded (subsection 118-15(1) ).

Note 2:

A capital gain or capital loss you make from a right to receive an Australian carbon credit unit is disregarded (subsection 118-15(3) ).


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.