Section DT 17 — Income Tax Act 2007: Attribution of expenditure

DT 17 Attribution of expenditure Petroleum mining permit (1) A deduction for expenditure incurred to acquire a petroleum permit is attributable to the permit area of the petroleum permit. Other assets (2) A deduction for expenditure incurred to acquire an asset of the kind described in section CT 7(1)(b) or (c) (Meaning of petroleum mining asset) is attributable to— (a) the asset; and (b) the permit area to which the asset relates. Relationship with this subpart and sections GB 20 and IS 5 (3) This section applies for the purposes of this subpart, sections GB 20 (Arrangements involving petroleum mining) and IS 5 (Petroleum miners’ tax losses), and section 91 of the Tax Administration Act 1994. Defined in this Act: permit area , petroleum permit , Compare: 2004 No 35 s DT 17