Document ID: chunk:federal_register_of_legislation:C2023C00080:clause:2_38
Version: federal_register_of_legislation:C2023C00080
Segment Type: clause
Provision Reference: sch 2 cl 38
Character Range: 236275–237014

38  At the end of section 701‑35 (after the note)
Add:

Setting value of registered emissions unit at tax‑neutral amount
 (5) If paragraph (2)(b) applies, the *value of the *registered emissions unit at the end of the income year that ends, or, if section 701‑30 applies, of the income year that is taken by subsection (3) of that section to end, when the entity becomes a *subsidiary member is taken to be equal to:
 (a) if the unit was *held by the joining entity at the start of the income year—the value of the unit at the start of the income year; or
 (b) otherwise—the expenditure incurred by the joining entity in becoming the holder of the unit.
Note: See also section 701A‑7 of the Income Tax (Transitional Provisions) Act 1997.