Section DZ 3 — Income Tax Act 2007: Petroleum mining: development expenditure from 1 October 1990 to 15 December 1991

DZ 3 Petroleum mining: development expenditure from 1 October 1990 to 15 December 1991 Deduction (1) A petroleum miner is allowed a deduction for petroleum mining development expenditure incurred by them on or after 1 October 1990 and before or on 15 December 1991. This subsection is overridden by subsection (2). Relationship with section DZ 4 (2) The petroleum miner is denied a deduction for petroleum mining development expenditure as described in subsection (1) if it has been deducted under— (a) section DZ 4 ; or (b) sections 214D to 214M of the Income Tax Act 1976 as they were immediately before their repeal by section 15 of the Income Tax Amendment Act (No 5) 1992. Timing of deduction (3) The deduction is allocated under section EZ 3 (Petroleum development expenditure from 1 October 1990 to 15 December 1991). Meaning of petroleum mining development expenditure (4) In this section, petroleum mining development expenditure has the same meaning as in section 214D of the Income Tax Act 1976 immediately before its repeal by section 15 of the Income Tax Amendment Act (No 5) 1992. Link with subpart DA (5) This section supplements the general permission. The general limitations still apply. Defined in this Act: deduction , general limitation , general permission , petroleum miner , petroleum mining development expenditure , supplement , Compare: 2004 No 35 s DZ 3