Electricity and gas distributor SP Ausnet has lost a court appeal against amended tax rulings worth millions of dollars.

The company had disputed amended tax assessments relating to deductions it claimed in the 2001 and 2006 fiscal years, for which the total amount payable was $87.3 million.

SP Ausnet says it will seek legal advice about the Federal Court’s decision to dismiss the company’s appeal.

It has already paid $30.6 million to the Australian Taxation Office (ATO) in relation to the dispute.

A hearing on a separate SP Ausnet dispute with the ATO is due to begin on November 25.