Section EJ 13C — Income Tax Act 2007: Well not producing

EJ 13C Well not producing When this section applies (1) This section applies when— (a) the petroleum miner has petroleum development expenditure for a well that, in an income year— (i) stops producing petroleum in commercial quantities; and (ii) is abandoned; and (b) the petroleum miner has elected to apply section EJ 12B for the petroleum development expenditure described in paragraph (a) before the start of the income year; and (c) part of a deduction under section DT 5 (Petroleum development expenditure) for the petroleum development expenditure described in paragraphs (a) and (b) has not been allocated under section 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 13C: 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).