Document ID: chunk:federal_register_of_legislation:C2023C00080:clause:2_72
Version: federal_register_of_legislation:C2023C00080
Segment Type: clause
Provision Reference: sch 2 cl 72
Character Range: 242479–244021

72  After Part 3‑45
Insert:

Part 3‑50—Climate change

Division 420—Registered emissions units

Table of Subdivisions
420‑A General application provision
420‑B Units held before the commencement of Division 420 of the Income Tax Assessment Act 1997

Subdivision 420‑A—General application provision

Table of sections
420‑1 Application of Division 420 of the Income Tax Assessment Act 1997

420‑1  Application of Division 420 of the Income Tax Assessment Act 1997
  Division 420 of the Income Tax Assessment Act 1997 does not apply to a registered emissions unit held by you unless you became the holder of the unit after the commencement of that Division.

Subdivision 420‑B—Units held before the commencement of Division 420 of the Income Tax Assessment Act 1997

Table of sections
420‑5 Transitional provision—units held before the commencement of Division 420 of the Income Tax Assessment Act 1997

420‑5  Transitional provision—units held before the commencement of Division 420 of the Income Tax Assessment Act 1997
  If, just before the commencement of Division 420 of the Income Tax Assessment Act 1997, you held:
 (a) an Australian carbon credit unit; or
 (b) a Kyoto unit; or
 (c) a prescribed international unit;
for which there was an entry in the Australian National Registry of Emissions Units, you are treated as if:
 (d) just before that commencement, you had sold the unit to someone else for its cost; and
 (e) you had, immediately after that commencement, bought it back as a registered emissions unit for the same amount.