Section DZ 16 — Income Tax Act 2007: Geothermal wells between 31 March 2003 and 17 May 2006

DZ 16 Geothermal wells between 31 March 2003 and 17 May 2006 When this section applies (1) This section applies to a person’s geothermal well when— (a) the well’s geothermal energy proving period ends between 31 March 2003 and 17 May 2006; and (b) the well is— (i) both started and completed between 31 March 2003 and 17 May 2006: (ii) acquired between 31 March 2003 and 17 May 2006; and (c) a deduction for expenditure on the well is denied under another provision. Deduction (2) In the income year in which the well’s geothermal energy proving period ends, the person is allowed a deduction for expenditure incurred on the well. Link with subpart DA (3) 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 , geothermal energy proving period , geothermal well , income year , supplement , Compare: 2004 No 35 s DZ 15