Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p54
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 54/95)
Character Range: 5684608–5687335

or more registered emissions units.

Limitation on choice—before 2015‑16 income year
 (4) If the current income year is before the 2015‑16 income year, you must not make a choice under subsection (2) for the current income year if you have previously made a choice under that subsection for an earlier income year.

Limitation on choice—2015‑16 income year or a later income year
 (5) If the current income year is:
 (a) the 2015‑16 income year; or
 (b) a later income year;
you must not make a choice under subsection (2) for the current income year unless:
 (c) the same method applied for each of the 4 most recent income years at the end of which you *held one or more *registered emissions units; and
 (d) the method mentioned in paragraph (c) is different from the method to which your choice for the current income year relates.

Limitation on choice—change from FIFO cost method to actual cost method
 (6) You must not choose under subsection (2) the *actual cost method for the current income year if the *FIFO cost method applied for the most recent income year at the end of which you *held one or more *registered emissions units.

Time for making choice
 (7) You must make a choice under subsection (2) before you lodge your *income tax return for the income year for which you make the choice.

No revocation of choice
 (8) A choice made under subsection (2) cannot be revoked.

420‑60  Cost of registered emissions units

Australian carbon credit units
 (3) If an *Australian carbon credit unit was issued to you under the Carbon Credits (Carbon Farming Initiative) Act 2011, the cost of the unit is its *market value immediately after you began to *hold the unit.

Other registered emissions units
 (4) The cost of a *registered emissions unit (other than an *Australian carbon credit unit to which subsection (3) applies) is the total of the expenditure that you:
 (a) incurred in becoming the *holder of the unit; and
 (b) can deduct under section 420‑15.

420‑62  Primary producer registered emissions units
  This Subdivision (other than section 420‑60) does not apply to you in relation to a *primary producer registered emissions unit.

Subdivision 420‑E—Exclusivity of Division

Table of sections
420‑65 Exclusivity of deductions etc.
420‑70 Exclusivity of assessable income etc.

420‑65  Exclusivity of deductions etc.

Expenditure incurred in becoming the holder of a registered emissions unit
 (1) You cannot deduct under any provision of this Act outside this Division 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