Chevron Australia Holdings Pty Ltd v Commissioner of Taxation [2017] FCAFC 62

FEDERAL COURT OF AUSTRALIA

Chevron Australia Holdings Pty Ltd v Commissioner of Taxation [2017] FCAFC 62 Appeal from: Chevron Australia Holdings Pty Ltd v Commissioner of Taxation (No 4) [2015] FCA 1092

File numbers: NSD 1667 of 2015, NSD 1668 of 2015 NSD 1669 of 2015, NSD 1670 of 2015 NSD 1671 of 2015, NSD 1672 of 2015 NSD 1673 of 2015, NSD 1674 of 2015 NSD 1675 of 2015, NSD 1676 of 2015 NSD 1677 of 2015, NSD 1678 of 2015 NSD 1679 of 2015, NSD 1680 of 2015 NSD 1681 of 2015, NSD 1682 of 2015 NSD 1683 of 2015

Judges: ALLSOP CJ, PERRAM AND PAGONE JJ

Date of judgment: 21 April 2017

Catchwords: INCOME TAX – transfer pricing – whether consideration exceeded arm's length consideration – consideration that might have been reasonably expected between independent parties dealing at arm's length – meaning of property – meaning of consideration – what constitutes arm's length consideration for acquisition of property INCOME TAX – whether determinations excessive – whether decision by delegate without authority makes assessment excessive CONSTITUTIONAL LAW – retrospective effect of taxation legislation – whether retrospectivity results in arbitrary and incontestable tax

Legislation: Income Tax Assessment Act 1936 (Cth) Division 13, s 117 Income Tax Assessment Act 1997 (Cth) Division 815 Income Tax (Transitional Provisions) Act 1997 (Cth) s 815-5 International Tax Agreements Act 1953 (Cth) s 3(2) Judiciary Act 1903 (Cth) s 78B Taxation Administration Act 1953 (Cth) s 14ZZR, s 14ZZ, s 14ZY, s 350-10