Document ID: chunk:federal_register_of_legislation:C2023C00080:clause:2_28:p12
Version: federal_register_of_legislation:C2023C00080
Segment Type: clause
Provision Reference: sch 2 cl 28 (pt 12/16)
Character Range: 223998–226497

Registry of Emissions Units Act 2011)—you must account for those units on a first‑in first‑out basis.

420‑53  Actual cost method of working out the value of units
  The actual cost method for working out the value of the *registered emissions units you *held at the end of the income year means that the value of the units is the *cost of the units, and, for the purposes of the application of this Subdivision to you for the income year, you must not account for any of those units on a first‑in first‑out basis.

420‑54  Market value method of working out the value of units
  The market value method for working out the value of the *registered emissions units you *held at the end of the income year means that the value of the units is the *market value of the units at the end of the income year.

420‑55  Valuation method for first income year at the end of which you held registered emissions units

Scope
 (1) This section applies if:
 (a) you *held one or more *registered emissions units at the end of an income year; and
 (b) the income year is the first income year at the end of which you held one or more registered emissions units.

Choice of method
 (2) You may choose one of the following methods:
 (a) the *FIFO cost method;
 (b) the *actual cost method;
 (c) the *market value method;
for working out the value of the *registered emissions units you *held at the end of the income year.

FIFO cost method applies if no choice made
 (3) If you do not make a choice under subsection (2) for the income year, the value of the *registered emissions units you *held at the end of the income year is worked out using the *FIFO cost method.

Time for making choice
 (4) 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
 (5) A choice made under subsection (2) cannot be revoked.

Certain free carbon units
 (6) This section has effect subject to section 420‑58 (certain free carbon units).

420‑57  Valuation method for later income years at the end of which you held registered emissions units

Scope
 (1) This section applies if:
 (a) you *held one or more *registered emissions units at the end of an income year (the current income year); and
 (b) the current income year is not the first income year at the end of which you held one or more registered emissions units.

Choice of method
 (2) You may choose one of the following methods:
 (a) the *FIFO cost method;
 (b)