Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p42
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 42/95)
Character Range: 5655018–5657865

this Division

418‑190  Annual impact assessments of this Division
 (1) As soon as practicable after the end of each income year referred to in subsection (2), the Minister must cause to be conducted an impact assessment of the operation of this Division during that income year. The objective of the impact assessment should be to measure the additional *exploration or prospecting attributable to the Division.
 (2) The income years are as follows:
 (a) the 2017‑2018 income year;
 (b) the 2018‑2019 income year;
 (c) the 2019‑2020 income year;
 (d) the 2020‑2021 income year.
 (3) Each impact assessment must make provision for public consultation, including consultation with the industry.
 (4) The Minister must cause to be prepared a report of each impact assessment. The report must include any information made publicly available by the Commissioner under section 3F of the Taxation Administration Act 1953 in relation to *exploration credits allocated for the income year.
 (5) The Minister must cause a copy of a report of an impact assessment to be published on the Australian Taxation Office website as soon as practicable after the completion of the preparation of the report.

Part 3‑50—Climate change

Division 420—Registered emissions units

Table of Subdivisions
 Guide to Division 420
420‑A Registered emissions units
420‑B Acquiring registered emissions units
420‑C Disposing of registered emissions units etc.
420‑D Accounting for registered emissions units you hold at the start or end of the income year
420‑E Exclusivity of Division

Guide to Division 420

420‑1  What this Division is about

      This Division deals with amounts you can deduct, and amounts included in your assessable income, because of these situations:
         • you acquire a registered emissions unit;
         • you hold a registered emissions unit at the start or the end of the income year;
         • you dispose of a registered emissions unit.

Table of sections
420‑5 The 4 key features of tax accounting for registered emissions units

420‑5  The 4 key features of tax accounting for registered emissions units
  The purpose of income tax accounting for registered emissions units is to produce the same tax treatment, irrespective of your purpose in acquiring or holding the registered emissions units.
  There are 4 key features:
 (1) You bring your gross expenditure and gross proceeds to account, not your net profits and losses on disposal of a registered emissions unit.
 (2) The gross expenditure is deductible.
 (3) The gross proceeds are assessable income.
 (4) You must bring to account any difference between the value of your registered emissions units held at the start and at the end of the income year. This is done in such a way that:
 (a) any increase in value is included in assessable income; and
 (b) any decrease in value