Document ID: chunk:federal_register_of_legislation:C2024C00818:section:97:p2
Version: federal_register_of_legislation:C2024C00818
Segment Type: section
Provision Reference: s 97 (pt 2/3)
Character Range: 241375–244082

subsection (1) of this section does not apply to the person in relation to the project and the year of tax; and
 (b) subject to subsection (2) of this section, the notional tax amount of the person, in relation to the project and an instalment period in the year of tax, is the tax that would, if the instalment period were a year of tax, be payable on the amount worked out in accordance with the formula:

  where:
  current period receipts means:
 (a) if the project is not a Greater Sunrise project—the assessable receipts derived by the person in relation to the project in the instalment period; or
 (b) if the project is a Greater Sunrise project—the assessable receipts derived by the person in relation to the project in the instalment period multiplied by the apportionment percentage figure for the instalment period.
  previous period receipts means:
 (a) if the instalment period is the first instalment period in the year of tax—nil; or
 (b) if paragraph (a) does not apply—the current period receipts for the instalment period that ended most recently before the end of the instalment period.
 (1BB) For the purposes of subsection (1BA), if the whole or a part of the assessable petroleum receipts that would be taken into account in working out the current period receipts were determined under paragraph 24(1)(d) or (e) (the special calculation provisions), then, in calculating the current period receipts:
 (a) any assessable petroleum receipts determined under the special calculation provisions are to be excluded; and
 (b) the amount worked out in accordance with the regulations in respect of those assessable petroleum receipts is to be included.
 (1C) If the petroleum project is a combined project, the references in paragraph (1A)(b) and subsections (1B) and (1BA) to the project are to be read as including references to the pre‑combination projects in relation to the project.
 (2) Where:
 (a) a person has not furnished information under section 98 in relation to an instalment of tax; or
 (b) the Commissioner is not satisfied with the information furnished by a person under section 98 in relation to an instalment of tax;
  the Commissioner may determine that the notional tax amount of the person in respect of the period to which the instalment of tax relates is such amount that, in the opinion of the Commissioner, might reasonably be expected to be the notional tax amount, ascertained in accordance with subsection (1) or (1BA), of the person in respect of the instalment period.
 (3) As soon as practicable after a determination is made under subsection (2) in relation to a person, the Commissioner shall cause notice of the determination to be served on the person.