Australian Court Sides With Shell in Capital Gains Tax Dispute

The Federal Court of Australia on Monday threw out an assessment from the tax authority’s commissioner that a subsidiary of Shell plc owed an additional A$99 million ($72 million) in capital gains taxes after disposing of another company’s shares.

Judge Ian McNeil Jackman sided with Shell Energy Holdings Australia Limited, stating that in his view the valuation of each share in the other company, Woodside Petroleum Limited, in 1997 was $11.12.

“It follows that the Commissioner’s objection decision of 23 February 2024 should be set aside,” Jackman wrote.

He stated further his “preliminary view” is that Australian Tax Office ...