Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-50 - CLIMATE CHANGE  

Division 420 - Registered emissions units  

Subdivision 420-E - Exclusivity of Division  

SECTION 420-70   Exclusivity of assessable income etc.  

420-70(1)    
An amount that you are entitled to receive because you ceased to *hold a *registered emissions unit is not to be:

(a)    included in your assessable income; or

(b)    taken into account in working out your assessable income; or

(c)    taken into account in working out an amount you can deduct;

under any provision of this Act outside this Division.

420-70(2)    
Subsection (1) does not affect the operation of Division 6 so far as that Division provides for the significance of residence or source for the assessability of ordinary and statutory income.

Note:

An amount included in your assessable income under this Division may be ordinary or statutory income for the purposes of Division 6 .

420-70(3)    

Subsections (1) and (4) 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 an amount that you are entitled to receive because you ceased to *hold a *primary producer registered emissions unit.

Australian carbon credit units

420-70(4)    
An amount is not to be included in your assessable income under any provision of this Act outside this Division because an *Australian carbon credit unit was issued to you in accordance with the Carbon Credits (Carbon Farming Initiative) Act 2011 .

Note 1:

A capital gain or capital loss you make from a registered emissions unit is disregarded (subsection 118-15(1) ).

Note 2:

A capital gain or capital loss you make from a right to receive an Australian carbon credit unit is disregarded (subsection 118-15(3) ).