Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Income - Income from petroleum mining

CT 2: Damage to assets

You could also call this:

“Petroleum miners must count money received for certain damaged assets as income”

If you’re a petroleum miner and one of your assets gets damaged, you might get some money for it. This money is called “consideration”. If the damaged asset is one of the types mentioned in section CT 7(1)(b) or (c), then the money you get for the damage is counted as your income. This means you’ll need to include it when you’re working out how much income you’ve made.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1512958.

Topics:
Money and consumer rights > Taxes
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CT 1: Disposal of exploratory material or petroleum mining asset, or

“Rules for taxing money from selling mining materials or assets”

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CT 3: Exploratory well used for commercial production, or

“Taxing expenses when an exploratory oil well becomes commercially productive”

Part C Income
Income from petroleum mining

CT 2Damage to assets

  1. The consideration that a petroleum miner derives for damage to an asset of the kind described in section CT 7(1)(b) or (c) is income of the petroleum miner.

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