Section DT 11 — Income Tax Act 2007: Association ending

DT 11 Association ending When this section applies (1) This section applies when— (a) a petroleum miner disposes of a petroleum mining asset to a person ( person A ) who is— (i) an associated person of the miner; or (ii) a person who holds the asset for an associated person of the miner; or (iii) a person who holds the asset for the miner; and (b) while person A holds the asset,— (i) the association between the miner and the associated person ends; or (ii) the association between the miner and the person who holds the asset for the miner ends. Exclusion (2) This section does not apply when the petroleum miner and the other party to the association end their association— (a) for the purpose of the miner being allowed a deduction under this section; or (b) for various purposes, 1 of which is, as a more than merely incidental purpose, the miner being allowed a deduction under this section. Deduction (3) The petroleum miner is allowed a deduction. Amount of deduction (4) The amount of the deduction is the amount for which the petroleum miner is denied a deduction under section DT 9 . Timing of deduction (5) The deduction is allocated to the income year in which the association ends. Link with subpart DA (6) 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 11