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.