52Notional tax amount when no previous RPM price

52  Notional tax amount when no previous RPM price  (1) This section applies if a taxpayer uses an RPM price for an assessable gas in working out assessable petroleum receipts under section 22 or 24, but does not have an RPM price for the previous year of tax.  (2) For the purposes of paragraphs 97(1AA)(b) and 97(1BB)(b) of the Act, and subject to subsection (3) of this section, the amount that is to be included in working out the current period liability under subsection 97(1A) of the Act, or the current period receipts under subsection 97(1BA) of the Act, is:  quantity of assessable gas means the quantity of assessable gas, measured by volume or mass, that in the instalment period was:  (a) for a relevant 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 a relevant GTE operation—consumed in the production of project electricity that the taxpayer was entitled to receive in the downstream stage. RPM price means the RPM price for the assessable gas worked out under section 28 or 29 as if the instalment period were the assessment year.  (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 subsection 51(2) as if the factors in the formula were replaced by the following: EPValPREV is the total end product value for the previous participants in the previous year of tax. QAGPREV is the total quantity of the assessable gas, measured by volume or mass, that was in the previous year of tax:  (a) for a relevant 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 a relevant 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.