Section DT 6 — Income Tax Act 2007: Expenditure on petroleum mining assets

DT 6 Expenditure on petroleum mining assets Expenditure that a person incurs in buying a petroleum mining asset is treated as petroleum development expenditure if, at the time the asset is bought,— (a) petroleum is produced in commercial quantities on a continuing basis under a petroleum permit that is the one being bought; or (b) petroleum is produced in commercial quantities on a continuing basis under a petroleum permit that applies to the permit area in which an asset of the kind described in section CT 7(1)(b) or (c) (Meaning of petroleum mining asset) is to be used; or (c) an application for a petroleum mining permit for the permit area has been made by a person entitled under section 32(3) of the Crown Minerals Act 199. Defined in this Act: permit area , petroleum , petroleum development expenditure , petroleum mining asset , petroleum permit , Compare: 2004 No 35 s DT 6