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 (Transitional Provisions) Act 1997

72   After Part 3-45

Insert:

Part 3-50 - Climate change

Division 420 - Registered emissions units

Table of Subdivisions

420-A General application provision

420-B Units held before the commencement of Division 420 of the Income Tax Assessment Act 1997

Subdivision 420-A - General application provision

Table of sections

420-1 Application of Division 420 of theIncome Tax Assessment Act 1997

420-1 Application of Division 420 of the Income Tax Assessment Act 1997

Division 420 of theIncome Tax Assessment Act 1997 does not apply to a registered emissions unit held by you unless you became the holder of the unit after the commencement of that Division.

Subdivision 420-B - Units held before the commencement of Division 420 of the Income Tax Assessment Act 1997

Table of sections

420-5 Transitional provision - units held before the commencement of Division 420 of theIncome Tax Assessment Act 1997

420-5 Transitional provision - units held before the commencement of Division 420 of the Income Tax Assessment Act 1997

If, just before the commencement of Division 420 of theIncome Tax Assessment Act 1997, you held:

(a) an Australian carbon credit unit; or

(b) a Kyoto unit; or

(c) a prescribed international unit;

for which there was an entry in the Australian National Registry of Emissions Units, you are treated as if:

(d) just before that commencement, you had sold the unit to someone else for its cost; and

(e) you had, immediately after that commencement, bought it back as a registered emissions unit for the same amount.