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

EZ 3 Petroleum development expenditure from 1 October 1990 to 15 December 1991 Timing of deduction (1) Expenditure that is allowed as a deduction under section DZ 3 (Petroleum mining: development expenditure from 1 October 1990 to 15 December 1991) must be deducted in equal amounts over the 10 years starting with the later of— (a) the income year in which commercial production starts; and (b) the income year in which the expenditure is incurred. Petroleum mining operations outside New Zealand (2) This section applies with any necessary modifications to a petroleum miner who undertakes petroleum mining operations that are— (a) outside New Zealand and undertaken through a branch or a controlled foreign company; and (b) substantially the same as the petroleum mining activities governed by this Act. Partnership interests (3) For the purposes of this section, a partner is treated as having a share or interest in a petroleum permit or other property of a partnership to the extent of their income interest in the partnership. Disposal of part of asset (4) For the purposes of this section, references to the disposal of an asset apply equally to the disposal of part of an asset. Defined in this Act: amount , commercial production , controlled foreign company , deduction , dispose , income year , New Zealand , petroleum , petroleum miner , petroleum mining operations , petroleum permit , Compare: 2004 No 35 s EZ 3