Section EJ 14 — Income Tax Act 2007: Spreading deduction backwards

EJ 14 Spreading deduction backwards When this section applies (1) This section applies when a petroleum miner has a deduction whose amount has been reduced under section IS 5 (Petroleum miners’ tax losses). Spreading backwards (2) The petroleum miner may allocate the amount of the deduction to the tax year before that in which the net loss arises, or allocate parts of it to earlier tax years. Amending returns (3) The petroleum miner may amend their returns of income for the relevant tax years despite the operation of the time bar. Defined in this Act: amount , deduction , petroleum miner , return of income , tax year , time bar , Compare: 2004 No 35 s IH 3(1)