Income Tax Assessment Act 1997
View history note
Hide history noteCGT event K1 happens if:
(a) any of the following conditions is satisfied:
(i) - (ii) (Repealed by No 83 of 2014)
(iii) a *Kyoto unit is transferred from your foreign account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) to your Registry account (within the meaning of that Act) or your nominee ' s Registry account (within the meaning of that Act);
(iv) a Kyoto unit is transferred from your nominee ' s foreign account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) to your Registry account (within the meaning of that Act) or your nominee ' s Registry account (within the meaning of that Act);
(v) an *Australian carbon credit unit is transferred from your foreign account (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011 ) to your Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) or your nominee ' s Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 );
(vi) an *Australian carbon credit unit is transferred from your nominee ' s foreign account (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011 ) to your Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) or your nominee ' s Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); and
(b) as a result of the transfer, you start to *hold the unit as a *registered emissions unit; and
(c) just before the transfer, the unit was neither your *trading stock nor your *revenue asset.
104-205(2)
The time of the event is when you start to *hold the unit as a *registered emissions unit.
104-205(3)
You make a capital gain if the unit ' s *market value (just before you started to *hold the unit as a *registered emissions unit) is more than its *cost base. You make a capital loss if that market value is less than its *reduced cost base.
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