Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-50 - CLIMATE CHANGE  

Division 420 - Registered emissions units  

Subdivision 420-D - Accounting for registered emissions units you hold at the start or end of the income year  

SECTION 420-52  

420-52   FIFO cost method of working out the value of units  

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(i) (Repealed by No 83 of 2014)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

(iv) *safeguard mechanism credit units;

you must account for those units on a first-in first-out basis; and

(b) (Repealed by No 83 of 2014)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.