The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision of Gordon J in PTTEP Australasia (Ashmore Cartier) Pty Ltd v FCT [2013] FCA 1175. In that case, the Federal Court determined the taxing point and consideration receivable by a taxpayer in relation to revenue it received from the sale of petroleum under the Petroleum Resource Rent Tax Assessment Act 1987 (PRRTAA). The Court found that, in calculating the taxpayer’s taxable profit under s 22, the “consideration receivable” by it for the sale of each shipment of crude was the Bill of Landing Date price.

[LTN 240, 11/12/13]

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