Document ID: chunk:federal_register_of_legislation:C2023C00080:clause:2_28:p14
Version: federal_register_of_legislation:C2023C00080
Segment Type: clause
Provision Reference: sch 2 cl 28 (pt 14/16)
Character Range: 228623–231255

a *carbon unit with a particular *vintage year if:
 (a) it was issued to you in accordance with the Jobs and Competitiveness Program (within the meaning of the Clean Energy Act 2011); and
 (b) you *held it throughout the period:
 (i) beginning when it was issued to you; and
 (ii) ending at the end of an income year that ended before 1 February in the financial year next following the vintage year.

Value
 (2) The value of the unit you *held at the end of an income year that ended during that period is a nil amount.
 (3) For the purposes of:
 (a) subsection 420‑57(3); and
 (b) paragraph 420‑57(5)(c);
the method that applied to a previous income year mentioned in that subsection or paragraph, as the case may be, is the method that would have applied if this section had not been enacted.

420‑60  Cost of registered emissions units

Free carbon units
 (1) If a *carbon unit was issued to you free of charge under the Clean Energy Act 2011, the cost of the unit is its *market value immediately after you began to *hold the unit.
 (2) Subsection (1) does not affect the operation of section 420‑58.

Australian carbon credit units
 (3) If an *Australian carbon credit unit was issued to you under the Carbon Credits (Carbon Farming Initiative) Act 2011, the cost of the unit is its *market value immediately after you began to *hold the unit.

Other registered emissions units
 (4) If a *registered emissions unit (other than an *Australian carbon credit unit) was not issued to you free of charge under the Clean Energy Act 2011, the cost of the unit is the total of the expenditure that you:
 (a) incurred in becoming the *holder of the unit; and
 (b) can deduct under section 420‑15.

Subdivision 420‑E—Exclusivity of Division

Table of sections
420‑65 Exclusivity of deductions etc.
420‑70 Exclusivity of assessable income etc.

420‑65  Exclusivity of deductions etc.

Expenditure incurred in becoming the holder of a registered emissions unit
 (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.
 (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.

Free carbon units
 (3) 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 a *carbon unit