Section CT 1 — Income Tax Act 2007: Disposal of exploratory material or petroleum mining asset

CT 1 Disposal of exploratory material or petroleum mining asset Income: disposal of exploratory material (1) The consideration that a petroleum miner derives from disposing of exploratory material is income of the petroleum miner. Income: disposal of petroleum mining asset (2) The consideration that a petroleum miner derives from disposing of a petroleum mining asset is income of the petroleum miner. Relationship with section CX 43 (3) This section is overridden by section CX 43 (Farm-out arrangements for petroleum mining). Defined in this Act: consideration , dispose , exploratory material , income , petroleum miner , petroleum mining asset , Compare: 2004 No 35 s CT 1