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Income Tax Act 2007

Deductions - Terminating provisions

DZ 16: Geothermal wells between 31 March 2003 and 17 May 2006

You could also call this:

“Rules for claiming expenses on geothermal wells completed or purchased between 31 March 2003 and 17 May 2006”

This law is about geothermal wells and when you can get money back for them. If you have a geothermal well, you might be able to get some money back if certain things are true.

Your well needs to have finished its proving period between 31 March 2003 and 17 May 2006. The proving period is when you test if the well works well.

Also, your well must have been started and finished between those dates, or you must have bought it between those dates.

If you weren’t allowed to get money back for your well before, this law says you can now. You can get money back in the same year that your well’s proving period ends.

This law adds to the general permission and overrides the capital limitation, but other general limitations still apply. These are rules about when you can get money back for things you spend money on.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514254.

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Money and consumer rights > Taxes
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Part D Deductions
Terminating provisions

DZ 16Geothermal wells between 31 March 2003 and 17 May 2006

  1. This section applies to a person’s geothermal well when—

  2. the well’s geothermal energy proving period ends between 31 March 2003 and 17 May 2006; and
    1. the well is—
      1. both started and completed between 31 March 2003 and 17 May 2006:
        1. acquired between 31 March 2003 and 17 May 2006; and
        2. a deduction for expenditure on the well is denied under another provision.

          1. In the income year in which the well’s geothermal energy proving period ends, the person is allowed a deduction for expenditure incurred on the well.

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

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