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GAMING MACHINE TAX ACT 2001 - SECT 15
Instalment rate for registered clubs
(1) If the profits from all gaming machines kept on the premises of a
registered club in an instalment period do not exceed $50,000, no instalment
is payable.
(2) If the profits from all gaming machines kept on the premises
of a registered club in an instalment period exceed $50,000, but do not exceed
$250,000, the following provisions apply-- (a) for the 2006 tax year--the
instalment payable is the amount determined by multiplying the amount by which
those profits exceed $50,000 by tax rate 1 for the tax year,
(b) for any
subsequent tax year--no instalment is payable.
(3) If the profits from all
gaming machines kept on the premises of a registered club in an
instalment period exceed $250,000, the instalment payable is the amount
calculated as follows-- (a) calculate the notional annual profits of the club
by multiplying the profits from all gaming machines kept on the premises of
the registered club in the instalment period by 4,
(b) calculate the amount
of tax that would be payable for the tax year on the notional annual profits
of the club (as if the notional annual profits of the club were the total
profits in the tax year from all gaming machines kept on the premises of the
registered club),
(c) calculate the instalment payable by dividing the amount
calculated at paragraph (b) by 4.
(4) For the purpose of calculating the
amount referred to in subsection (3) (b), a number specified in the Table to
section 15A as tax rate 2, 3, 4 or 5 for the tax year is taken to be reduced
by 1.85. Note : The purpose of the reduction under this subsection is to take
account of any annual rebate that may be available under Part 4. For example,
tax rate 2 becomes 18.05, instead of 19.9.
(5) Despite anything to the
contrary in this section, the remainder of any tax that, under this Division,
remains payable in respect of the whole of a tax year is payable at the time
of payment of the last instalment for the year.
(6) Subsection (5) does not
affect any provision of the Taxation Administration Act 1996 or any
arrangement that may be entered into under that Act for the payment or
compromise of any debt.
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