Section DT 9 — Income Tax Act 2007: Disposal of petroleum mining asset to associate

DT 9 Disposal of petroleum mining asset to associate When this section applies (1) This section applies when— (a) a petroleum miner disposes of a petroleum mining asset to— (i) a person associated with the miner; or (ii) a person who holds the asset for the miner; or (iii) a person who holds the asset for a person associated with the miner; and (b) section EJ 16(2) (Disposal of petroleum mining asset to associate) prevents the miner from taking the full amount of a deduction allocated under section EJ 15 (Disposal of petroleum mining asset) to the income year in which the miner disposes of the asset. No deduction (2) The miner is denied a deduction for the amount that section EJ 16(2) prevents from being allocated to the income year in which the miner disposes of the asset. Link with subpart DA (3) This section overrides the general permission. Defined in this Act: amount , associated person , deduction , dispose , general permission , income year , petroleum miner , petroleum mining asset , Compare: 2004 No 35 s DT 9 Section DT 9(1)(b): amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 19(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section DT 9(2): substituted (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 19(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).