Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 420.57

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)   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 current income year.

Previous method applies if no choice made

  (3)   If you do not make a choice under subsection   (2) for the current income year, the value of the * registered emissions units you * held at the end of the current income year is worked out using the method that applied to the most recent income year at the end of which you held one or more registered emissions units.

Limitation on choice--before 2015 - 16 income year

  (4)   If the current income year is before the 2015 - 16 income year, you must not make a choice under subsection   (2) for the current income year if you have previously made a choice under that subsection for an earlier income year.

Limitation on choice--2015 - 16 income year or a later income year

  (5)   If the current income year is:

  (a)   the 2015 - 16 income year; or

  (b)   a later income year;

you must not make a choice under subsection   (2) for the current income year unless:

  (c)   the same method applied for each of the 4 most recent income years at the end of which you * held one or more * registered emissions units; and

  (d)   the method mentioned in paragraph   (c) is different from the method to which your choice for the current income year relates.

Limitation on choice--change from FIFO cost method to actual cost method

  (6)   You must not choose under subsection   (2) the * actual cost method for the current income year if the * FIFO cost method applied for the most recent income year at the end of which you * held one or more * registered emissions units.

Time for making choice

  (7)   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

  (8)   A choice made under subsection   (2) cannot be revoked.