Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 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:

  (iii)   a * Kyoto 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)   a Kyoto 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.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback