Section EJ 12 — Income Tax Act 2007: Petroleum development expenditure: default allocation rule

EJ 12 Petroleum development expenditure: default allocation rule When this section applies (1) This section applies to a petroleum miner's petroleum development expenditure that relates to petroleum mining developments in a permit area and that is incurred on or after 1 April 2008, when section EJ 12B does not apply to the expenditure. Default allocation rule (2) For the purposes of section DT 5(2)(a) (Petroleum development expenditure), a deduction for the petroleum development expenditure is allocated in equal amounts over a period of 7 income years. The period of 7 years starts with the income year in which the expenditure is incurred. Relationship with other petroleum mining provisions (3) Sections EJ 13 to EJ 16 override subsection (2). Sections DT 7 , DT 8 , DT 10 , DT 11 , DT 16 , and IS 5 (which relate to petroleum miners) override this section. Defined in this Act: amount , deduction , income year , permit area , petroleum development expenditure , petroleum miner , petroleum mining development Section EJ 12: substituted (with effect on 1 April 2008), on 6 October 2009, by section 127(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).