Income Tax Assessment Act 1997
View history note
Hide history noteExpenditure incurred in becoming the holder of a registered emissions unit
420-65(1)
You cannot deduct under any provision of this Act outside this Division any expenditure to the extent that you incur it in becoming the *holder of a *registered emissions unit.
420-65(2)
To the extent you incur expenditure in becoming the *holder of a *registered emissions unit, the expenditure is not to be taken into account in working out: (a) an amount you can deduct; or (b) an amount included in your assessable income;
under any provision of this Act outside this Division.
420-65(3)
(Repealed by No 83 of 2014)
Australian carbon credit units
420-65(4)
Subsections (1) and (2) do not affect the application of a provision of this Act outside this Division to expenditure you incur in becoming the *holder of an *Australian carbon credit unit issued to you in accordance with the Carbon Credits (Carbon Farming Initiative) Act 2011 if you do not incur the expenditure in preparing or lodging: (a) an application for a certificate of entitlement (within the meaning of that Act); or (b) an offsets report (within the meaning of that Act).
420-65(5)
Subsections (1) and (2) do not affect the operation of Division 30 (deductions for gifts and contributions).
Note:
If you make a gift or contribution, Division 30 applies in the normal way to determine whether you can deduct the amount of the gift or contribution.
Expenditure incurred in ceasing to hold a registered emissions unit
420-65(6)
You cannot deduct under any provision of this Act outside this Division any expenditure to the extent that you incur it in ceasing to *hold a *registered emissions unit.
Primary producer registered emissions units
420-65(7)
Subsections (1) , (2) and (6) do not affect the application of: (a) Division 392 (long-term averaging of primary producers ' tax liability); or (b) Division 393 (farm management deposits);
to expenditure to the extent that you incur it in becoming the *holder of, or ceasing to hold, a *primary producer registered emissions unit.
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