Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 420.30

Non-arm's length transactions and transactions with associates

                   If:

                     (a)  an entity (the transferor ) ceases to * hold a * registered emissions unit; and

                     (b)  the cessation is because of the transfer of the unit to:

                              (i)  a Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); or

                             (ii)  a foreign account (within the meaning of that Act);

                            kept by another entity (the transferee ); and

                     (c)  either:

                              (i)  the transferor and the transferee did not deal with each other at * arm's length; or

                             (ii)  the transferee is the transferor's * associate; and

                     (d)  the transferee did not pay or give consideration equal to the * market value of the unit for the transfer of the unit;

the transferor is treated as if the transferor were entitled to receive an amount equal to that market value because the transferor ceased to be the holder of the unit.



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