Commonwealth Consolidated Acts Commonwealth Consolidated ActsExpenditure incurred in becoming the holder of a registered emissions unit
(1) You cannot deduct under any provision of this Act outside this Division any expenditure to the extent that you incur it in becoming the * holder of a * registered emissions unit.
(2) To the extent you incur expenditure in becoming the * holder of a * registered emissions unit, the expenditure is not to be taken into account in working out:
(a) an amount you can deduct; or
(b) an amount included in your assessable income;
under any provision of this Act outside this Division.
Australian carbon credit units
(4) Subsections (1) and (2) do not affect the application of a provision of this Act outside this Division to expenditure you incur in becoming the * holder of an * Australian carbon credit unit issued to you in accordance with the Carbon Credits (Carbon Farming Initiative) Act 2011 if you do not incur the expenditure in preparing or lodging:
(a) an application for a certificate of entitlement (within the meaning of that Act); or
(b) an offsets report (within the meaning of that Act).
(5) Subsections (1) and (2) do not affect the operation of Division 30 (deductions for gifts and contributions).
Note: If you make a gift or contribution, Division 30 applies in the normal way to determine whether you can deduct the amount of the gift or contribution.
Expenditure incurred in ceasing to hold a registered emissions unit
(6) You cannot deduct under any provision of this Act outside this Division any expenditure to the extent that you incur it in ceasing to * hold a * registered emissions unit.
Primary producer registered emissions units
(7) Subsections (1), (2) and (6) do not affect the application of:
(a) Division 392 (long - term averaging of primary producers' tax liability); or
(b) Division 393 (farm management deposits);
to expenditure to the extent that you incur it in becoming the * holder of, or ceasing to hold, a * primary producer registered emissions unit.