Commonwealth Numbered Regulations Commonwealth Numbered Regulations(1) For subparagraph 24 (1) (d) (i) of the Act, this regulation sets out the method for working out the amount of assessable petroleum receipts derived by the person (the taxpayer ) in relation to the non‑arm’s length sale of sales gas.
(2) If:
(a) the sales gas is project sales gas of an integrated GTL operation; and
(b) the taxpayer is a participant in the operation;
the amount of assessable petroleum receipts of the taxpayer is the amount worked out under regulation 16.
(3) In any other case, the amount of assessable petroleum receipts of the taxpayer is worked out as if the sales gas were a marketable petroleum commodity other than sales gas.
Note Paragraph 24 (1) (b) of the Act applies to a sale of a marketable petroleum commodity other than sales gas; section 57 of the Act applies to a sale not at arm’s length.