Treasury Laws Amendment (2023 Measures No. 2) Act 2023 (28 of 2023)

Schedule 3   Tax accounting for primary producer registered emissions units

Income Tax Assessment Act 1997

5   At the end of section 420-65

Add:

Primary producer registered emissions units

(7) Subsections (1), (2) and (6) do not affect the application of:

(a) Division 392 (long-term averaging of primary producers' tax liability); or

(b) Division 393 (farm management deposits);

to expenditure to the extent that you incur it in becoming the *holder of, or ceasing to hold, a *primary producer registered emissions unit.