Income Tax Assessment Act 1997
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View history notePt 3-50 inserted by No 132 of 2011, s 3 and Sch 2 item 28, effective 2 April 2012.
Div 420 inserted by No 132 of 2011, s 3 and Sch 2 item 28, effective 2 April 2012.
Subdiv 420-D inserted by No 132 of 2011, s 3 and Sch 2 item 28, effective 2 April 2012.
The FIFO cost method for working out the * value of the * registered emissions units you * held at the end of an income year means that the value of the units is the * cost of the registered emissions units, and, for the purposes of the application of this Subdivision to you for the income year: (a) if any of the registered emissions units are:
(i) (Repealed by No 83 of 2014)
(ii) eligible international emissions units (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); or
(iii) * Australian carbon credit units; or
you must account for those units on a first-in first-out basis; and
(iv) * safeguard mechanism credit units;
(b) (Repealed by No 83 of 2014) (c) if any of the registered emissions units are * Kyoto units that are not eligible international emissions units (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) - you must account for those units on a first-in first-out basis.
S 420-52 amended by No 14 of 2023, s 3 and Sch 1 item 65, by inserting para (a)(iv), effective 12 April 2023.
S 420-52 amended by No 83 of 2014, s 3 and Sch 1 items 182 and 183, by repealing para (a)(i) and (b), effective 1 July 2014. For application provision see note under s 26-18 . Para (a)(i) and (b) formerly read:
(a)(i) * carbon units that have a * vintage year that is the same as, or earlier than, the financial year to which the income year relates; or
(b) if:
(i) any of the registered emissions units are carbon units that have the same vintage year; andyou must account for those units on a first-in first-out basis; and
(ii) that vintage year is later than the financial year to which the income year relates;
S 420-52 inserted by No 132 of 2011, s 3 and Sch 2 item 28, effective 2 April 2012.
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