Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 420.52

    The FIFO cost method for working out the * value of the * registered emissions units you * held at the end of an income year means that the value of the units is the * cost of the registered emissions units, and, for the purposes of the application of this Subdivision to you for the income year:

  (a)   if any of the registered emissions units are:

  (ii)   eligible international emissions units (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); or

  (iii)   * Australian carbon credit units; or

  (iv)   * safeguard mechanism credit units;

    you must account for those units on a first - in first - out basis; and

  (c)   if any of the registered emissions units are * Kyoto units that are not eligible international emissions units (within the meaning of the Australian National Registry of Emissions Units Act 2011 )--you must account for those units on a first - in first - out basis.