A petroleum miner, with a net loss, is eligible for a tax credit for the following:
- any decommissioning expenditure in the year it is incurred
- any development expenditure that has not been deducted at the time commercial production permanently ceases.
The maximum tax credit will be limited to income tax paid by the petroleum miner (or a consolidated group it is a member of) in past years.
The tax credit applies for the 2018-19 and future income years.
A petroleum miner must notify us before filing a return that includes this tax credit.
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Last updated:
28 Apr 2021