Clean Energy (Consequential Amendments) Act 2011 (132 of 2011)

Schedule 2   Taxation amendments

Part 2   Amendments commencing at the same time as section 3 of the Clean Energy Act 2011 commences

Income Tax Assessment Act 1997

34   At the end of section 701-25 (after the note)

Add:

Setting value of registered emissions unit at tax-neutral amount

(5) If subparagraph (2)(a)(ii) applies, the asset is taken to be an asset of the*head company at the end of the income year (but not at the start of the next income year) and the head company's*value for the asset at that time is taken to be equal to:

(a) if the asset was*held by the head company at the start of the income year - the value of the asset at the start of the income year; or

(b) otherwise - the expenditure incurred by the head company in becoming the holder of the asset.