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INCOME TAX ASSESSMENT ACT 1997 - SECT 420.65 Exclusivity of deductions etc.

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.

Primary producer registered emissions units

  (7)   Subsections   (1), (2) and (6) do not affect the application of:

  (a)   Division   392 (long - term averaging of primary producers' tax liability); or

  (b)   Division   393 (farm management deposits);

to expenditure to the extent that you incur it in becoming the * holder of, or ceasing to hold, a * primary producer registered emissions unit.

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