Section DT 15 — Income Tax Act 2007: Persons associated with petroleum miner

DT 15 Persons associated with petroleum miner When this section applies (1) This section applies to a person associated with a petroleum miner when— (a) the petroleum miner has some or all of an existing privilege; and (b) the associated person— (i) undertakes petroleum mining operations in the licence area of the existing privilege; and (ii) does so under an arrangement for reward; and (iii) when doing so is not a petroleum miner in relation to the petroleum mining operations. Deduction (2) The associated person is allowed a deduction for expenditure or loss that they incur in the petroleum mining operations described in subsection (1). Amount of deduction (3) The amount of the deduction is limited to the extent of the amount of income that they derive from the petroleum mining operations. Link with subpart DA (4) This section overrides the general permission. Defined in this Act: amount , arrangement , associated person , deduction , existing privilege , general permission , income , petroleum miner , petroleum mining operations , Compare: 2004 No 35 s DT 15