Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) You compare:
(a) the * value of all * registered emissions units you * held at the start of the income year; and
(b) the value of all registered emissions units you held at the end of the income year.
Increase in value is included in assessable income
(2) Your assessable income includes any excess of the * value at the end of the income year over the value at the start of the income year.
Decrease in value is a deduction
(3) On the other hand, you can deduct any excess of the * value at the start of the income year over the value at the end of the income year.
Source
(4) An amount included in your assessable income under subsection (2) is taken, for the purposes of the * income tax laws, to have a source in Australia.
Disregard value of unit if sale proceeds would not be assessable
(5) For the purposes of this Subdivision, disregard the * value of a * registered emissions unit you * held at the end of the income year if, assuming that you had sold the unit to someone else immediately after you started to hold the unit, the proceeds of the sale would not have been included in your assessable income under section 420 - 25.
Note: Under the International Tax Agreements Act 1953 , for some foreign residents, the proceeds of the sale of a registered emissions unit are not assessable income in Australia.