55Election to use individual participant‑based end product values

55  Election to use individual participant‑based end product values  (1) The taxpayers who are participants in a relevant operation may elect to use, for the operation, the method for working out end product value set out in subsection 31(2) for a year of tax if each of the taxpayers is entitled to receive in the year of tax:  (a) for a relevant GTL operation—project liquid; or  (b) for a relevant GTE operation—project electricity.  (a) must be jointly made by all of those taxpayers who apply the residual pricing method in working out the amount of their assessable petroleum receipts relating to the operation; and  (b) must be made after the end of the first year of tax to which the election is to apply; and  (c) must be in a form approved by the Commissioner; and  (d) must be given to the Commissioner no later than:  (i) the day a return under section 59 or 60 of the Act for the project to which the operation relates is due for the first year of tax to which the election is to apply; or  (ii) a later day that the Commissioner allows; and  (e) is irrevocable; and  (f) expires at the first time in a later year of tax when not all of the taxpayers who apply the residual pricing method in working out the amount of their assessable petroleum receipts relating to the operation are entitled to receive:  (i) for a relevant GTL operation—project liquid; or  (ii) for a relevant GTE operation—project electricity;   in that later year of tax.