Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 420.65

Exclusivity of deductions etc.

Expenditure 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.



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