Section DT 3 — Income Tax Act 2007: Acquisition of privileges and permits

DT 3 Acquisition of privileges and permits The consideration that a person pays to acquire an existing privilege, a prospecting permit for petroleum, or an exploration permit for petroleum from a petroleum miner is treated as petroleum exploration expenditure incurred in the income year in which the petroleum miner disposes of the privilege or permit to the person. Defined in this Act: consideration , dispose , existing privilege , exploration permit , income year , pay , petroleum exploration expenditure , petroleum miner , prospecting permit , Compare: 2004 No 35 s DT 3