Section DT 10 — Income Tax Act 2007: Disposal of petroleum mining asset outside association

DT 10 Disposal of petroleum mining asset outside association When this section applies (1) This section applies when— (a) a petroleum miner disposes of a petroleum mining asset to a person described in subsection (2) ( person A ); and (b) person A disposes of the asset to a person described in subsection (3) ( person B ). Person A (2) For the purposes of subsection (1)(a), the persons are— (a) an associated person of the miner; or (b) a person who holds the asset for the miner; or (c) a person who holds the asset for an associated person of the miner. Person B (3) For the purposes of subsection (1)(b), the persons are— (a) a person not associated with the miner; or (b) a person who does not hold the asset for the miner; or (c) a person who does not hold the asset for a person associated with the miner. Deduction (4) Person A is allowed a deduction. Amount of deduction (5) The amount of the deduction is the amount for which the petroleum miner is denied a deduction under section DT 9 . Timing of deduction (6) The deduction is allocated to the income year in which person A disposes of the asset. Link with subpart DA (7) This section supplements the general permission and overrides the capital limitation. The other general limitations still apply. Defined in this Act: amount , associated person , capital limitation , deduction , dispose , general limitation , general permission , income year , petroleum miner , petroleum mining asset , supplement , Compare: 2004 No 35 s DT 10