Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.