Income Tax (Transitional Provisions) Act 1997

Pt 3-50 inserted by No 132 of 2011, s 3 and Sch 2 item 72, effective 2 April 2012.

Div 420 inserted by No 132 of 2011, s 3 and Sch 2 item 72, effective 2 April 2012.

Subdiv 420-B repealed by No 21 of 2015, s 3 and Sch 7 item 22, effective 20 March 2015.

Subdiv 420-B inserted by No 132 of 2011, s 3 and Sch 2 item 72, effective 2 April 2012.

S 420-5 repealed by No 21 of 2015, s 3 and Sch 7 item 22, effective 20 March 2015. S 420-5 formerly read:

SECTION 420-5 Transitional provision - units held before the commencement of Division 420 of the Income Tax Assessment Act 1997  
420-5
If, just before the commencement of Division 420 of the Income 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.

S 420-5 inserted by No 132 of 2011, s 3 and Sch 2 item 72, effective 2 April 2012.