Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 420.52

FIFO cost method of working out the value of units

                   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;

                            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.



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