New South Wales Consolidated Acts
[Index]
[Table]
[Search]
[Search this Act]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[History]
[Help]
GAMING MACHINE TAX ACT 2001 - SECT 14
Annual rate for registered clubs
(1) If the profits from all gaming machines kept on the premises of a
registered club in a tax year do not exceed $200,000, no tax is payable on the
profits.
(2) If the profits from all gaming machines kept on the premises of
a registered club in a tax year exceed $200,000, but do not exceed $1,000,000,
the following provisions apply-- (a) in the 2006 tax year--tax is payable on
so much of those profits as exceeds $200,000 at the rate of tax rate 1 for the
tax year,
(b) in the 2007 tax year and subsequent tax years--no tax is
payable on the profits.
(3) If the profits from all gaming machines kept on
the premises of a registered club in a tax year exceed $1,000,000, but do not
exceed $1,800,000, the following provisions apply-- (a) in the 2006
tax year--tax is payable on $800,000 of those profits at the rate of
tax rate 1 for the tax year, and on so much of those profits as exceeds
$1,000,000 at the rate of tax rate 2 for the tax year,
(b) in the 2007
tax year and subsequent tax years, tax is payable-- (i) on the
taxable component of the first $1,000,000 of those profits at the rate of
tax rate 1 for the tax year, and
(ii) on so much of those profits as exceeds
$1,000,000 at the rate of tax rate 2 for the tax year.
(4) For the purposes
of subsection (3), the
"taxable component" of the first $1,000,000 of the profits of a
registered club from gaming machines kept on the premises of the club is $1
for every $1 by which profits from all gaming machines kept on the premises of
the registered club in the tax year exceeds $1,000,000. Note : The
taxable component of the first $1,000,000 of the profits of the
registered club from gaming machines will vary from $1 (for a club that has
profits of $1,000,001) to $800,000 (for a club that has profits of
$1,800,000). The first $200,000 of profits is always tax free.
Example. If the profits of a club from all gaming machines kept on the
premises is $1,200,000, the taxable component of the first $1,000,000 of the
profits is $200,000. Accordingly tax is payable on $200,000 of the first
$1,000,000 of those profits at tax rate 1 and on the profits that exceed
$1,000,000 (ie $200,000) at tax rate 2.
(5) If the profits from all
gaming machines kept on the premises of a registered club in a tax year exceed
$1,800,000, but do not exceed $5,000,000, tax is payable-- (a) on $800,000 of
those profits at the rate of tax rate 1 for the tax year, and
(b) on so much
of those profits as exceeds $1,000,000 at the rate of tax rate 2 for the
tax year.
(6) If the profits from all gaming machines kept on the premises of
a registered club in a tax year exceed $5,000,000, but do not exceed
$10,000,000, tax is payable-- (a) on $800,000 of those profits at the rate of
tax rate 1 for the tax year, and
(b) on $4,000,000 of those profits at the
rate of tax rate 2 for the tax year, and
(c) on so much of those profits as
exceeds $5,000,000 at the rate of tax rate 3 for the tax year.
(7) If the
profits from all gaming machines kept on the premises of a registered club in
a tax year exceed $10,000,000, but do not exceed $20,000,000, tax is payable--
(a) on $800,000 of those profits at the rate of tax rate 1 for the tax year,
and
(b) on $4,000,000 of those profits at the rate of tax rate 2 for the
tax year, and
(c) on $5,000,000 of those profits at the rate of tax rate 3
for the tax year, and
(d) on so much of those profits as exceeds $10,000,000
at the rate of tax rate 4 for the tax year.
(8) If the profits from all
gaming machines kept on the premises of a registered club in a tax year exceed
$20,000,000, tax is payable-- (a) on $800,000 of those profits at the rate of
tax rate 1 for the tax year, and
(b) on $4,000,000 of those profits at the
rate of tax rate 2 for the tax year, and
(c) on $5,000,000 of those profits
at the rate of tax rate 3 for the tax year, and
(d) on $10,000,000 of those
profits at the rate of tax rate 4 for the tax year, and
(e) on so much of
those profits as exceeds $20,000,000 at the rate of tax rate 5 for the
tax year.
(9) This section is subject to Part 4.
AustLII: Copyright Policy
| Disclaimers
| Privacy Policy
| Feedback