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

39   After subsection 701-55(3)

Insert:

Registered emissions unit provisions

(3A) If Division 420 is to apply in relation to the asset, the expression means that the Division applies as if the asset were a*registered emissions unit at the start of the income year in which the particular time occurs, and its*value at that time were equal to the asset's*tax cost setting amount.