Income Tax Assessment Act 1997
View history note
Hide history noteAn amount that you are entitled to receive because you ceased to *hold a *registered emissions unit is not to be: (a) included in your assessable income; or (b) taken into account in working out your assessable income; or (c) taken into account in working out an amount you can deduct;
under any provision of this Act outside this Division.
420-70(2)
Subsection (1) does not affect the operation of Division 6 so far as that Division provides for the significance of residence or source for the assessability of ordinary and statutory income.
Note:
An amount included in your assessable income under this Division may be ordinary or statutory income for the purposes of Division 6 .
420-70(3)
Subsections (1) and (4) 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 an amount that you are entitled to receive because you ceased to *hold a *primary producer registered emissions unit.
Australian carbon credit units
420-70(4)
An amount is not to be included in your assessable income under any provision of this Act outside this Division because an *Australian carbon credit unit was issued to you in accordance with the Carbon Credits (Carbon Farming Initiative) Act 2011 .
Note 1:
A capital gain or capital loss you make from a registered emissions unit is disregarded (subsection 118-15(1) ).
Note 2:
A capital gain or capital loss you make from a right to receive an Australian carbon credit unit is disregarded (subsection 118-15(3) ).
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