Woodside Energy Ltd v Commissioner of Taxation [2009] FCAFC 12

FEDERAL COURT OF AUSTRALIA

Woodside Energy Ltd v Commissioner of Taxation [2009] FCAFC 12

TAXATION – petroleum resource rent tax – 'assessable petroleum receipts' – consideration receivable, less any expenses payable, by the person in relation to the sale – whether gains or losses from hedging contracts can be said to be consideration or expenses in relation to a sale of project produce – losses incurred pursuant to hedging contracts are not expenses incurred by a vendor in achieving receivability of the consideration in respect of the sale HELD – losses from hedging contracts are not expenses payable in relation to sale of petroleum Acts Interpretation Act 1901 (Cth) s 15AA-AB Petroleum Resource Rent Tax Act 1987 (Cth) s 4, 5 Petroleum Resource Rent Tax Assessment Act 1987 (Cth) s 21, 22, 23, 24, Div 3 of Part V, 32, 38, 44 Petroleum Resource Rent Tax Assessment Bill 1986 (Cth) cl 24 and 27(1)(b) Petroleum (Submerged Lands) Act 1967 (Cth) Stamp Duties Act 1920 (NSW) s 66 Atlantic Sugar Refineries v Minister of National Revenue [1949] SCR 706 referred to Archibald Howie Pty Ltd v Commissioner of Stamp Duties (NSW) (1948) 77 CLR 143 referred to Berry v Federal Commissioner of Taxation (1953) 89 CLR 653 referred to Carapark Holdings Limited v Federal Commissioner of Taxation (1967) 115 CLR 653 cited Chief Commissioner of State Revenue (New South Wales) v Dick Smith Electronics Ltd (2005) 221 CLR 496 referred to Chugg v Pacific Dunlop Ltd (1990) 170 CLR 249 referred to CIC Insurance Ltd v Bankstown Football Club Ltd (1997) 187 CLR 384 applied Collector of Customs v Pozzolanic Enterprises Pty Ltd (1993) 43 FCR 280 referred to Comcare v Thompson (2000) 175 ALR 163 cited Echo Bay Mines Ltd v Canada [1992] 2 CTC 18; 92 DTC 6437 referred to Evans v State of New South Wales (2008) 168 FCR 576 referred to Federal Commissioner of Taxation v Guy (1996) 67 FCR 68 referred to J Gliksten & Son Ltd v Green [1929] AC 381 cited Nelson v Nelson (1995) 184 CLR 538 referred to Placer Dome Canada Ltd v Ontario (Minister of Finance) [2006] 1 RCS 715 cited Project Blue Sky Inc & Ors v Australian Broadcasting Authority (1998) 194 CLR 355 cited R v L (1994) 49 FCR 534 referred to R v Young (1999) 46 NSWLR 681 referred to Re Bolton; ex parte Beane (1987) 161 CLR 514 referred to Rodriguez v US 480 US 522 (1987) referred to