Pratt Holdings Proprietary Limited v Commissioner of Taxation of the Commonwealth of Australia [2012] FCA 1075

FEDERAL COURT OF AUSTRALIA

Pratt Holdings Proprietary Limited v Commissioner of Taxation of the Commonwealth of Australia [2012] FCA 1075 Citation: Pratt Holdings Proprietary Limited v Commissioner of Taxation of the Commonwealth of Australia [2012] FCA 1075

Parties: PRATT HOLDINGS PROPRIETARY LIMITED v THE COMMISSIONER OF TAXATION OF THE COMMONWEALTH OF AUSTRALIA

File number: VID 1425 of 2011

Judge: GORDON J

Date of judgment: 1 October 2012

Catchwords: TAXATION – mining – deductibility of allowable capital expenditure – assignment of exploration rights – agreement to transfer allowable capital expenditure – disposal of exploration tenements – balancing adjustment required – calculation of balancing adjustment – deductibility of transferred allowable capital expenditure where no mining commenced – meaning of "allowable capital expenditure" – Income Tax Assessment Act 1997 (Cth), Div 330 TAXATION – private binding ruling – enforcement of ruling by party who was not a "rulee" – enforcement of ruling where law has changed – effect of retrospective legislation on ruling – interpretation of ruling – incorporation of example into body of ruling – Income Tax Assessment Act 1936 (Cth), s 170BB – Tax Administration Act 1953 (Cth), Pt IVAA, Div 359 of Sch 1

Legislation: Income Tax Assessment Act 1936 (Cth) Income Tax Assessment Act 1997 (Cth) Tax Administration Act 1953 (Cth) Tax Laws Amendment (Improvements to Self Assessment) Act (No 2) 2005 (Cth) Taxation Laws Amendment Act (No 3) 2000 (Cth)

Cases cited: Allen & Anor v Federal Commissioner of Taxation (2011) 195 FCR 416 City of Wanneroo v Australian Municipal, Administrative, Clerical and Services Union (2006) 153 IR 426 Commissioner of Taxation v McMahon (1997) 79 FCR 127 Esso Australia Resources Ltd v Federal Commissioner of Taxation (1998) 84 FCR 541 Federal Commissioner of Taxation v Harris (1980) 30 ALR 10 Federal Commissioner of Taxation v Traviati [2012] FCA 546