Part D
Deductions
Petroleum mining expenditure
DT 6Expenditure on petroleum mining assets
Expenditure that a person incurs in acquiring a petroleum mining asset is treated as petroleum development expenditure if, at the time the asset is acquired,—
- petroleum is produced in commercial quantities on a continuing basis under a petroleum permit that is the one being acquired; or
- petroleum is produced in commercial quantities on a continuing basis under a petroleum permit that applies to the permit area in which an asset of the kind described in section CT 7(1)(b) or (c) (Meaning of petroleum mining asset) is to be used; or
- an application for a petroleum mining permit for the permit area has been made by a person entitled under section 32(3) of the Crown Minerals Act 1991.
Compare
- 2004 No 35 s DT 6
Notes
- Section DT 6: amended (with effect on 1 April 2015 and applying for the 2015–16 and later income years), on , by section 242(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
- Section DT 6(a): amended (with effect on 1 April 2015 and applying for the 2015–16 and later income years), on , by section 242(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).