Definition of revenue account property - non-Kyoto greenhouse gas units

Section YA 1 of the Income Tax Act 2007

Background

Specific tax rules apply to transactions in emissions units, which are defined in section YA 1 to include certain emissions units which can be traced back to the Kyoto Protocol.

Some of these rules are extended to non-Kyoto greenhouse gas units, which are "voluntary" emissions units which do not originate from the Kyoto Protocol but which have been created by parties from forestry or emissions reduction projects. See http://goldstandard.apx.com/ for an example.

Key features

A remedial amendment is made to add non-Kyoto greenhouse gas units to the definition of revenue account property.

Application date

This amendment applies from 1 January 2009.