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Income Tax Act 2007

Deductions - Petroleum mining expenditure

DT 19: Partnership interests and disposal of part of asset

You could also call this:

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

This law is about partnerships and how they handle their property. When you’re part of a partnership, you’re treated as having a share in the partnership’s things, like a petroleum permit or other property. The size of your share is based on how much of the partnership’s income you get.

The law also says that when it talks about selling an asset, it means the same thing for selling just a part of an asset. This applies to all the rules in this part of the law, unless it’s clear that it shouldn’t.

Remember, these rules are part of a bigger set of laws about income tax deductions. They help explain how to deal with partnership property when it comes to taxes.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514087.

Topics:
Money and consumer rights > Taxes
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“Replacement permits are treated the same as original petroleum permits”

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DT 20: Petroleum mining operations outside New Zealand, or

“Rules for petroleum miners working overseas”

Part D Deductions
Petroleum mining expenditure

DT 19Partnership interests and disposal of part of asset

  1. In this subpart, unless the context requires otherwise,—

  2. a partner is treated as having a share or interest in a petroleum permit or other property of a partnership to the extent of their interest in the income of the partnership:
    1. references to the disposal of an asset apply equally to the disposal of part of an asset.

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