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Income Tax Act 2007

Deductions - Terminating provisions

DZ 3: Petroleum mining: development expenditure from 1 October 1990 to 15 December 1991

You could also call this:

“Petroleum miners can claim expenses for development between 1 October 1990 and 15 December 1991”

If you are a petroleum miner, you can get money back for certain expenses you had between 1 October 1990 and 15 December 1991. These expenses are called petroleum mining development expenditure.

However, you can’t get this money back if you’ve already claimed it under section DZ 4 or under some old rules that don’t exist anymore.

The way you get this money back is explained in section EZ 3.

The meaning of ‘petroleum mining development expenditure’ is the same as it was in an old law from 1976.

This rule adds to the general permission for deductions, but you still need to follow the general limitations.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514210.

Topics:
Money and consumer rights > Taxes
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Part D Deductions
Terminating provisions

DZ 3Petroleum mining: development expenditure from 1 October 1990 to 15 December 1991

  1. A petroleum miner is allowed a deduction for petroleum mining development expenditure incurred by them on or after 1 October 1990 and before or on 15 December 1991. This subsection is overridden by subsection (2).

  2. The petroleum miner is denied a deduction for petroleum mining development expenditure as described in subsection (1) if it has been deducted under—

  3. section DZ 4; or
    1. sections 214D to 214M of the Income Tax Act 1976 as they were immediately before their repeal by section 15 of the Income Tax Amendment Act (No 5) 1992.

      1. The deduction is allocated under section EZ 3 (Petroleum development expenditure from 1 October 1990 to 15 December 1991).

      2. In this section, petroleum mining development expenditure has the same meaning as in section 214D of the Income Tax Act 1976 immediately before its repeal by section 15 of the Income Tax Amendment Act (No 5) 1992.

      3. This section supplements the general permission. The general limitations still apply.

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