Document ID: chunk:federal_register_of_legislation:C2010C00404:clause:8_3:p2
Version: federal_register_of_legislation:C2010C00404
Segment Type: clause
Provision Reference: sch 8 cl 3 (pt 2/2)
Character Range: 36002–37773

for the income year within 5 months after the end of the income year—the day you lodge that income tax return; or
 (b) otherwise—5 months after the end of the income year.

 (5) However, expenditure is not covered under this section if the *Climate Change Secretary gives the Commissioner a notice under subsection (6) in relation to the trees.

 (6) The *Climate Change Secretary must give the Commissioner a notice in writing under this subsection if the Climate Change Secretary is satisfied that one or more of the conditions in subsection (2) have not been satisfied for the trees.

 (7) A person may apply to the *AAT for review of a decision (as defined in the Administrative Appeals Tribunal Act 1975) of the *Climate Change Secretary to give a notice under subsection (6).

 (8) The Commissioner may give the *Climate Change Secretary a copy of the statement mentioned in paragraph (1)(h), for the purposes of subsections (5), (6) and (7).

40‑1015  Carbon sequestration by trees

  Carbon sequestration by trees means the process by which trees absorb carbon dioxide from the atmosphere.

40‑1020  Certain expenditure disregarded

  In working out a deduction under this Subdivision in relation to the establishment of trees, disregard expenditure incurred:
 (a) in draining swamp or low‑lying land; or
 (b) in clearing land.

40‑1025  Non‑arm's length transactions

  If an entity incurred capital expenditure under an *arrangement and:
 (a) there is at least one other party to the arrangement with whom the entity did not deal at *arm's length; and
 (b) apart from this section, the amount of the expenditure would be more than the *market value of what it was for;
the amount of expenditure taken into account under this Subdivision is that market value.