FEDERAL COURT OF AUSTRALIA ISSUES JUDGEMENT ON ESSO AUSTRALIA RESOURCES PTY LTD VS COMMISSIONER OF TAXATION [2024] FCA 87

Australia, Feb. 16 -- The Federal Court of Australia issued the following judgement:

HESPE J:

INTRODUCTION

1 The applicant, Esso Australia Resources Pty Ltd, is the operator of an unincorporated 50/50 joint venture between it and BHP Billiton Petroleum (Bass Strait) Pty Ltd which included petroleum processing facilities to process petroleum extracted from the Gippsland Basin into commercial products including sales gas, liquid petroleum gas and condensate (Gippsland Basin Joint Venture) (GBJV).

2 The applicant, as operator of the GBJV, entered into an agreement pursuant to which the GBJV would process raw petroleum for another joint venture. These proceedings concern the assessability under the Petroleum Resource Rent Tax Assessment Act...