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Income Tax Act 2007

Deductions - Petroleum mining expenditure

DT 18: Replacement permits

You could also call this:

“Replacement permits are treated the same as original petroleum permits”

In this part of the law, when we talk about a petroleum permit, we also mean a replacement permit. This means that if you have a replacement permit, it’s treated the same as the original petroleum permit.

All the money spent, deductions allowed, and petroleum mining assets that belong to the original permit will now belong to the replacement permit. It’s like the replacement permit takes over everything from the original permit.

This rule helps make sure that if you need to replace your permit, you don’t lose any of the benefits or responsibilities that came with the original one.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514085.

Topics:
Money and consumer rights > Taxes
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DT 17: Attribution of expenditure, or

“How to claim deductions for petroleum permit and asset expenses”

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“Rules for handling partnership property and selling assets or parts of assets”

Part D Deductions
Petroleum mining expenditure

DT 18Replacement permits

  1. In this subpart, a reference to a petroleum permit includes a reference to a replacement permit. All expenditure incurred, deductions allowed, and petroleum mining assets that are attributable to the petroleum permit are attributable to the replacement permit.

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