Section EJ 13B — Income Tax Act 2007: Dry well drilled

EJ 13B Dry well drilled When this section applies (1) This section applies when— (a) the petroleum miner has petroleum development expenditure for a well, the drilling of which stops in an income year, and, from the time of stopping, the well— (i) will never produce petroleum in commercial quantities; and (ii) is abandoned; and (b) part of a deduction under section DT 5 (Petroleum development expenditure) for the petroleum development expenditure described in paragraph (a) has not been allocated under section EJ 12 or EJ 12B. Allocation (2) The part of the deduction described in subsection (1) is allocated to the income year. Defined in this Act: amount , deduction , income year , petroleum development expenditure Section EJ 13B: inserted (with effect on 1 April 2008), on 6 October 2009, by section 129(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).