Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p55
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 55/95)
Character Range: 5687104–5689838

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.

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.

Primary producer registered emissions units
 (7) Subsections (1), (2) and (6) do not affect the application of:
 (a) Division 392 (long‑term averaging of primary producers' tax liability); or
 (b) Division 393 (farm management deposits);
to expenditure to the extent that you incur it in becoming the *holder of, or ceasing to hold, a *primary producer 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.
 (3) Subsections (1) and (4) do not affect the application of:
 (a) Division 392 (long‑term averaging of primary producers' tax liability); or
 (b) Division 393 (farm management