Section DT 8 — Income Tax Act 2007: Acquisition of certain petroleum mining assets

DT 8 Acquisition of certain petroleum mining assets The consideration that a person pays to acquire a petroleum mining asset, other than an existing privilege, a prospecting permit for petroleum, or an exploration permit for petroleum, from a petroleum miner is treated as petroleum development expenditure incurred in the income year in which the petroleum miner disposes of the petroleum mining asset to the person. Defined in this Act: consideration , dispose , existing privilege , exploration permit , income year , pay , petroleum , petroleum development expenditure , petroleum miner , petroleum mining asset , prospecting permit , Compare: 2004 No 35 s DT 8