A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 104 - CGT events  

Subdivision 104-K - Other CGT events  

SECTION 104-205  Incoming international transfer of emissions unit: CGT event K1  

 View history reference ITAA 36

104-205(1)  

CGT event K1 happens if:


(a) any of the following conditions is satisfied:

(i)-(ii) (Repealed by No 83 of 2014)

(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
 View history reference


(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.

104-205(2)  

The time of the event is when you start to *hold the unit as a *registered emissions unit.

104-205(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.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page