(1) This section applies if:
(a) you * held one or more * registered emissions units at the end of an income year; and
(b) the income year is 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 income year.
FIFO cost method applies if no choice made
(3) If you do not make a choice under subsection (2) for the income year, the value of the * registered emissions units you * held at the end of the income year is worked out using the * FIFO cost method.
Time for making choice
(4) 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
(5) A choice made under subsection (2) cannot be revoked.