40Notional tax amount when no previous RPM price

## 40 Notional tax amount when no previous RPM price (1) This regulation applies if a taxpayer uses an RPM price for an assessable gas in working out assessable petroleum receipts under regulation 14, 15 or 16, but does not have an RPM price for the previous year of tax. (2) Subject to subregulation (3), 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 taxpayer was entitled to receive in the downstream stage. > RPM price is the RPM price for the assessable gas calculated as if the instalment period were the assessment year (including under regulation 21, if applicable). (3) If the taxpayer became a participant in the assessment year because of a transfer of interests from a participant or participants (the previous participants), the taxpayer may elect to apply subregulation 39(2) as if the factors in the equation were replaced by the following: (a) for an integrated GTL operation—processed into project liquid that the previous participants were 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 previous participants were entitled to receive in the downstream stage. > RPMPREV is the average RPM price for the assessable gas for the previous participants for the previous year of tax, weighted according to the end product value for each of the previous participants in the previous year of tax.