39Notional tax amount when RPM price used (Act s 97(1AA)(b))

## 39 Notional tax amount when RPM price used (Act s 97(1AA)(b)) (1) This regulation applies if a participant in an integrated operation uses an RPM price for an assessable gas in working out assessable petroleum receipts under regulation 14, 15 or 16, and had an RPM price for the previous year of tax. (2) For paragraph 97(1AA)(b) of the Act, the amount that is to be included in calculating the current period liability under subsection 97(1A) of the Act is: (a) for an integrated GTL operation—processed into project liquid that the participant was entitled to receive in the downstream stage (including any of that assessable gas that was used in that processing); or (b) for an integrated GTE operation—consumed in the production of project electricity that the participant was entitled to receive in the downstream stage. (4) If the participant sells a quantity of project liquid or project electricity from the operation as part of the operation in the period, and the sale is an arm’s length transaction, the market value of the quantity is taken to be the amount received for the sale. (5) For a quantity of project liquid or project electricity to which subregulation (4) does not apply, the market value of the quantity is the market value at the end of the downstream stage. (6) If the Commissioner is not satisfied that sufficient information is available to determine a market value for subregulation (5), the market value of the quantity of project liquid or project electricity is the amount determined by the Commissioner as fair and reasonable.