Document ID: chunk:federal_register_of_legislation:C2023C00080:clause:2_15
Version: federal_register_of_legislation:C2023C00080
Segment Type: clause
Provision Reference: sch 2 cl 15
Character Range: 180495–183309

15  Before section 104‑210
Insert:

104‑205  Incoming international transfer of emissions unit: CGT event K1
 (1) CGT event K1 happens if:
 (a) any of the following conditions is satisfied:
 (i) a *carbon unit is transferred from your foreign account (within the meaning of the Clean Energy Act 2011) to your Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011) or your nominee's Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011);
 (ii) a *carbon unit is transferred from your nominee's foreign account (within the meaning of the Clean Energy Act 2011) to your Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011) or your nominee's Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011);
 (iii) an *international emissions unit is transferred from your foreign account (within the meaning of the Australian National Registry of Emissions Units Act 2011) to your Registry account (within the meaning of that Act) or your nominee's Registry account (within the meaning of that Act);
 (iv) an *international emissions unit is transferred from your nominee's foreign account (within the meaning of the Australian National Registry of Emissions Units Act 2011) to your Registry account (within the meaning of that Act) or your nominee's Registry account (within the meaning of that Act);
 (v) an *Australian carbon credit unit is transferred from your foreign account (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011) to your Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011) or your nominee's Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011);
 (vi) an *Australian carbon credit unit is transferred from your nominee's foreign account (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011) to your Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011) or your nominee's Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011); and
 (b) as a result of the transfer, you start to *hold the unit as a *registered emissions unit; and
 (c) just before the transfer, the unit was neither your *trading stock nor your *revenue asset.
 (2) The time of the event is when you start to *hold the unit as a *registered emissions unit.
 (3) You make a capital gain if the unit's *market value (just before you started to *hold the unit as a *registered emissions unit) is more than its *cost base. You make a capital loss if that market value is less than its *reduced cost base.