Clean Energy (Consequential Amendments) Act 2011 (132 of 2011)

Schedule 2   Taxation amendments

Part 2   Amendments commencing at the same time as section 3 of the Clean Energy Act 2011 commences

Income Tax Assessment Act 1997

35   Subsection 701-35(2)

Repeal the subsection, substitute:

Assets to which section applies

(2) This section applies in relation to an asset if:

(a) the asset is*trading stock of the entity just before it becomes a*subsidiary member of the group; or

(b) the asset is:

(i) a*registered emissions unit; and

(ii) an asset of the entity;

just before it becomes a subsidiary member of the group.