Document ID: chunk:federal_register_of_legislation:C2023C00080:clause:2_28:p15
Version: federal_register_of_legislation:C2023C00080
Segment Type: clause
Provision Reference: sch 2 cl 28 (pt 15/16)
Character Range: 231027–233712

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 issued to you in accordance with:
 (a) the Jobs and Competitiveness Program (within the meaning of the Clean Energy Act 2011); or
 (b) Part 8 (coal‑fired electricity generation) of that Act.

Australian carbon credit units
 (4) 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 an *Australian carbon credit unit issued to you in accordance with the Carbon Credits (Carbon Farming Initiative) Act 2011 if you do not incur the expenditure in preparing or lodging:
 (a) an application for a certificate of entitlement (within the meaning of that Act); or
 (b) an offsets report (within the meaning of that Act).
 (5) Subsections (1) and (2) do not affect the operation of Division 30 (deductions for gifts and contributions).
Note: If you make a gift or contribution, Division 30 applies in the normal way to determine whether you can deduct the amount of the gift or contribution.

Expenditure incurred in ceasing to hold a registered emissions unit
 (6) You cannot deduct under any provision of this Act outside this Division any expenditure to the extent that you incur it in ceasing to *hold a *registered emissions unit.

420‑70  Exclusivity of assessable income etc.
 (1) An amount that you are entitled to receive because you ceased to *hold a *registered emissions unit is not to be:
 (a) included in your assessable income; or
 (b) taken into account in working out your assessable income; or
 (c) taken into account in working out an amount you can deduct;
under any provision of this Act outside this Division.
 (2) Subsection (1) does not affect the operation of Division 6 so far as that Division provides for the significance of residence or source for the assessability of ordinary and statutory income.
Note: An amount included in your assessable income under this Division may be ordinary or statutory income for the purposes of Division 6.

Free carbon units
 (3) An amount is not to be included in your assessable income under any provision of this Act outside this Division because a *carbon unit was issued to you in accordance with:
 (a) the Jobs and Competitiveness Program (within the meaning of the Clean Energy Act 2011); or
 (b) Part 8 (coal‑fired electricity generation) of that Act.
Note 1: A capital gain or capital loss you make from a registered emissions unit is disregarded (subsection 118‑15(1)).
Note 2: A capital gain