Reg 17 repealed by SLI No 154 of 2013, reg 4 and Sch 1 item 49, effective 29 June 2013. Reg 17 formerly read:
REGULATION 17 INTEGRATED GTL OPERATIONS WITH NO SALE
17(1)
For subregulation
15 (2)
, the amount of
assessable petroleum receipts
of the taxpayer, in relation to the project sales gas subject to the transaction, is:
(a)
if an advance pricing arrangement applies to the transaction
-
the amount calculated in accordance with the arrangement; and
(b)
if no advance pricing arrangement applies to the transaction, but a comparable uncontrolled price exists for the transaction
-
the CUP amount for the transaction; and
(c)
if no advance pricing arrangement applies to the transaction, and no comparable uncontrolled price exists for the transaction
-
the RPM amount for the transaction.
17(2)
For this regulation, the CUP amount for the transaction is the amount calculated using the formula:
where:
CUP
is the comparable uncontrolled price.
VG
is the volume of project sales gas subject to the transaction.
17(3)
For this regulation, the RPM amount for the transaction is the amount calculated using the formula:
where:
RPM price
is the RPM price for the taxpayer in relation to the integrated GTL operation in the year of tax in which the transaction took place.
VG
is the volume of project sales gas subject to the transaction.
17(4)
In this regulation:
transaction
means the act by which the project sales gas becomes or became an excluded commodity.
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