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

40   After subsection 705-30(1)

Insert:

Registered emissions units

(1A) If an asset of the joining entity is a*registered emissions unit, the joining entity's terminating value for the unit is equal to:

(a) if the unit was*held by the joining entity at the start of the income year - the*value of the unit at the start of the income year; or

(b) otherwise - the expenditure incurred by the joining entity in becoming the holder of the unit.