Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Mitsui & Co (Australia) Ltd v Commissioner of Taxation [2011] FCA 1423 Citation: Mitsui & Co (Australia) Ltd v Commissioner of Taxation [2011] FCA 1423
Parties: MITSUI & CO (AUSTRALIA) LTD (ABN 64 004 349 795) v THE COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA
File number: WAD 139 of 2010
Judge: SIOPIS J
Date of judgment: 13 December 2011
Catchwords: TAXATION – production licence granted under Petroleum (Submerged Lands) Act 1967 (Cth) – whether each of the right to produce petroleum and the right to explore granted by a petroleum licence comprise a separate "mining, quarrying or prospecting right" under s 995-1 of the Income Tax Assessment Act 1997 (Cth) – whether such right is a separate depreciating asset for the purposes of claiming a depreciation deduction under Div 40 of the Income Tax Assessment Act 1997 – whether the consideration paid for the acquisition of an interest in a production licence can be proportionately attributed between each of these rights for the purpose of claiming a depreciation deduction under Div 40 of the Income Tax Assessment Act 1997.
Legislation: Petroleum (Submerged Lands) Act 1967 (Cth) ss 17, 19, 28, 36, 38B, 38C, 52, 81 Income Tax Assessment Act 1997 (Cth) Div 40, ss 40-30, 40-65, 40-70, 40-75, 40-95, 40-100, 40-105, 40-110(3B), 40-730, 995-1 Income Tax Assessment Act 1936 (Cth) Divs 10, 10AA New Business Tax System (Capital Allowances) Bill 2001 (Cth) Explanatory Memorandum
Cases cited: Visa International Service Association v Reserve Bank (2003) 131 FCR 300 Commonwealth v WMC Resources Ltd (1998) 194 CLR 1 TEC Desert Pty Ltd v Commissioner of State Revenue (WA) (2010) 241 CLR 576 Newcrest Mining (WA) Ltd v Commonwealth (1997) 190 CLR 513 Commissioner of Taxation v Bargwanna (2009) 72 ATR 963 Saeed v Minister for Immigration and Citizenship (2010) 241 CLR 252 Esso Australia Resources Ltd v Commissioner of Taxation (1998) 83 FCR 511 Commissioner of Taxation v Tully Co-Operative Sugar Milling Association Ltd (1983) 14 ATR 495
We try to embed the page this law was scraped from. If the site blocks framing, you still get the link and a local excerpt.
Last checked with source on —
Checking whether the official page can be embedded…
Plain-English simplify of this law: a short summary, key points, and both sides of the argument. Generated on first view via Replicate, then cached. Vote on what helps your study.
No study brief is cached for this law yet. Sign up to generate a plain-English brief.
Sign up to generate