Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Mitsui & Co (Australia) Ltd v Commissioner of Taxation [2012] FCAFC 109 Citation: Mitsui & Co (Australia) Ltd v Commissioner of Taxation [2012] FCAFC 109
Appeal from: Mitsui & Co (Australia) Ltd v Commissioner of Taxation [2011] FCA 1423
Parties: MITSUI & CO (AUSTRALIA) LTD ABN 64 004 349 795 v COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA
File number: WAD 17 of 2012
Judges: EMMETT, BENNETT AND GILMOUR JJ
Date of judgment: 14 August 2012
Catchwords: TAXATION – allowable deductions for depreciating assets under Income Tax Assessment Act 1997 (Cth) – where taxpayer acquired partial interest in a production licence granted under Petroleum (Submerged Lands) Act 1967 (Cth) – whether taxpayer thereby acquired multiple depreciating rights, namely separate and distinct mining, quarrying or prospecting rights referable to the limbs of s 52 of the Petroleum (Submerged Lands) Act 1967 (Cth), or merely one such right – where multiple petroleum fields fell within the graticular blocks the subject of the production licence – where taxpayer attempted to apportion the consideration paid for the acquisition of the partial interest among the petroleum fields
Legislation: Income Tax Assessment Act 1997 (Cth) ss 40-25, 40-30, 40-40, 40-80, 40-95, 40-110, 40-730, 995-1 Petroleum (Submerged Lands) Act 1967 (Cth) ss 5A, 8A, 14, 17, 19, 20, 22, 28, 29, 36, 37, 38A, 38B, 38C, 38D, 39, 39A, 44, 52, 53, 59A, 60, 76, 78, 81
Date of hearing: 16 May 2012
Place: Perth
Division: GENERAL DIVISION
Category: Catchwords
Number of paragraphs: 67
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