Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Deductions - Petroleum mining expenditure

DT 1: Petroleum exploration expenditure

You could also call this:

“Money back for oil exploration costs”

You can get money back for money you spend on looking for oil. This is called a deduction for petroleum exploration expenditure.

There’s another rule that might change this one. You can find it in section DT 2.

This rule adds to the general permission for deductions and overrides the rule about capital expenses. But you still need to follow the other general rules about deductions.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514039.

Topics:
Money and consumer rights > Taxes
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DT 1A: Ring-fenced allocations, or

“Limiting deductions for overseas petroleum mining expenses”

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DT 2: Arrangement for petroleum exploration expenditure and disposal of property, or

“Rules for claiming deductions on petroleum exploration expenses and property sales”

Part D Deductions
Petroleum mining expenditure

DT 1Petroleum exploration expenditure

  1. A person is allowed a deduction for petroleum exploration expenditure incurred by them.

  2. This section is overridden by section DT 2.

  3. This section supplements the general permission and overrides the capital limitation. The other general limitations still apply.

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