Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Deductions - Petroleum mining expenditure

DT 12: Damage to assets

You could also call this:

“Tax deductions for repairing damaged petroleum mining assets”

You can get money taken off your taxes if you fix a damaged asset that’s used for petroleum mining. This applies to assets like those mentioned in section CT 7(1)(b) or (c) of the law.

This rule adds to the general permission for tax deductions and overrides the rule about capital expenses. However, other general rules about tax deductions still apply.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514072.

Topics:
Money and consumer rights > Taxes
Previous

DT 11: Association ending, or

“Rules for petroleum miners when ending an association with a connected buyer of their assets”

Next

DT 13: Disposal of ownership interests in controlled petroleum mining entities, or

“Tax implications when selling shares in oil and gas companies”

Part D Deductions
Petroleum mining expenditure

DT 12Damage to assets

  1. A petroleum miner is allowed a deduction for the cost of repairing a damaged asset of the kind described in section CT 7(1)(b) or (c) (Meaning of petroleum mining asset).

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

Compare