Income Tax Assessment Act 1997
View history note
Hide history noteIf:
(a) an entity becomes the *holder of a *registered emissions unit; and
(b) either:
(i) the entity and the previous holder of the unit did not deal with each other at *arm ' s length; or
(ii) the previous holder is the entity ' s *associate; and
(c) the entity did not pay or give consideration equal to the *market value of the unit for becoming the holder of the unit;
the entity is treated as if:
(d) the entity had incurred expenditure in becoming the holder of the unit; and
(e) the amount of the expenditure were equal to that market value.
420-20(2)
This section does not apply if a *registered emissions unit *held by an individual just before the individual ' s death:
(a) devolves to the individual ' s *legal personal representative; or
(b) *passes to a beneficiary in the individual ' s estate.
420-20(3)
This section does not apply to the issue of an *Australian carbon credit unit under the Carbon Credits (Carbon Farming Initiative) Act 2011 .
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