Income Tax Assessment Act 1997
View history note
Hide history noteIf:
(a) an entity (the transferor ) ceases to *hold a *registered emissions unit; and
(b) the cessation is because of the transfer of the unit to:
(i) a Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); or
kept by another entity (the transferee ); and
(ii) a foreign account (within the meaning of that Act);
(c) either:
(i) the transferor and the transferee did not deal with each other at *arm ' s length; or
(ii) the transferee is the transferor ' s *associate; and
(d) the transferee did not pay or give consideration equal to the *market value of the unit for the transfer of the unit;
the transferor is treated as if the transferor were entitled to receive an amount equal to that market value because the transferor ceased to be the holder of the unit.
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