Section DT 5 — Income Tax Act 2007: Petroleum development expenditure

DT 5 Petroleum development expenditure Deduction (1) A petroleum miner is allowed a deduction for petroleum development expenditure incurred by them. Timing of deduction (2) For an income year, an amount of the deduction is allocated to that year, as provided by— (a) section EJ 12 (Petroleum development expenditure: default allocation rule); or (b) section EJ 12B (Petroleum development expenditure: reserve depletion method). Relationship with section DZ 3 (3) This section is overridden by section DZ 3 (Petroleum mining: development expenditure from 1 October 1990 to 15 December 1991). Link with subpart DA (4) This section supplements the general permission and overrides the capital limitation. The other general limitations still apply. Defined in this Act: capital limitation , deduction , general limitation , general permission , petroleum development expenditure , petroleum miner , supplement , Compare: 2004 No 35 s DT 5 Section DT 5(1) heading: substituted (with effect on 1 April 2008), on 6 October 2009, by section 99(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DT 5(1): substituted (with effect on 1 April 2008), on 6 October 2009, by section 99(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DT 5(2) heading: substituted (with effect on 1 April 2008), on 6 October 2009, by section 99(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DT 5(2): substituted (with effect on 1 April 2008), on 6 October 2009, by section 99(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).