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Carbon Pollution Reduction Scheme (Consequential Amendments) Bill 2009 [No. 2]

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2008-2009

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

Carbon Pollution Reduction Scheme (Consequential Amendments) Bill 2009

 

 

(1)     Schedule 2, item 19, page 84 (after line 13), after subsection 420-15(5), insert:

          (5A)  You cannot deduct under this section expenditure you incur in becoming the * holder of an * Australian emissions unit issued to you in accordance with the domestic offsets program (within the meaning of the Carbon Pollution Reduction Scheme Act 2009 ) unless you incur the expenditure in preparing or lodging an application under that program for free Australian emissions units.

[domestic offsets]

(2)     Schedule 2, item 19, page 100 (after line 27), after subsection 420-65(5), insert:

          (5A)  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 emissions unit issued to you in accordance with the domestic offsets program (within the meaning of the Carbon Pollution Reduction Scheme Act 2009 ) if you do not incur the expenditure in preparing or lodging an application under that program for free Australian emissions units.

[domestic offsets]

(3)     Schedule 2, item 19, page 101 (line 27), omit “Act.”, substitute “Act; or”.

[domestic offsets]

(4)     Schedule 2, item 19, page 101 (after line 27), at the end of subsection 420-70(3) (before the notes), add:

                     (e)  the domestic offsets program (within the meaning of that Act).

[domestic offsets]