Section DU 1 — Income Tax Act 2007: Mining exploration expenditure and mining development expenditure

DU 1 Mining exploration expenditure and mining development expenditure Deduction (1) A mining company is allowed a deduction for mining exploration expenditure and mining development expenditure that it incurs. Amount of deduction (2) The amount of the deduction is the amount determined under section DU 2 . Mining expenditure (3) The amount of the expenditure for which the company is allowed a deduction must be taken into account in the mining expenditure item of the formula in section DU 7(5) . 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: amount , capital limitation , deduction , general limitation , general permission , mining company , mining development expenditure , mining exploration expenditure , supplement , Compare: 2004 No 35 s DU 1