New South Wales Consolidated Acts

TOTALIZATOR ACT 1997 - SECT 70

70 Payment of tax reduction amount

(1) Within 7 days after the end of each quarter, TAB Limited must pay in respect of each controlling body an amount equal to the percentage of the tax reduction amount (for the quarter) prescribed by the regulations in respect of the controlling body.

(2) The
"tax reduction amount" , in respect of a quarter, is an amount equal to the difference between each of the following amounts--

(a) the total amount of betting tax payable by TAB Limited under sections 8- 10 of the Betting Tax Act 2001 in respect of the quarter,

(b) the total amount of betting tax that would be payable by TAB Limited under the Betting Tax Act 2001 , sections 8- 10 in respect of the quarter if the relevant percentage in the sections was 15%.

(3) A payment under subsection (1) must be made directly to the controlling body.

(5) For the purposes of calculating the Wagering Incentive Fee under the Racing Distribution Agreement in respect of any period commencing on or after 1 July 2015, the NSW Taxes payable in respect of the period are taken to be the NSW Taxes that would have been payable in respect of the period had the tax rate amendments not been made.

(6) This section has effect for all purposes as if the Racing Distribution Agreement had been amended to the extent necessary to give effect to this section by the agreement of the parties to the Racing Distribution Agreement.

(7) This section does not limit or otherwise affect the ability of the parties to the Racing Distribution Agreement to agree to make changes to the agreement.

(8) In this section--

"NSW Taxes" has the same meaning as in the Racing Distribution Agreement.

"quarter" means the 3-month period commencing on 1 January, 1 April, 1 July or 1 October in each year.

"Racing Distribution Agreement" means the agreement titled "Racing Distribution Agreement" dated 11 December 1997 between the Totalizator Agency Board, NSW Racing Pty Limited, the NSW Thoroughbred Racing Board, Harness Racing New South Wales and the Greyhound Racing Authority (NSW), as amended or substituted from time to time.

"tax rate amendments" means the amendments made to sections 8- 10 of the Betting Tax Act 2001 by the Betting Tax Legislation Amendment Act 2015 .

"Wagering Incentive Fee" means the amount that is payable by TAB to NSW Racing Pty Limited as the Wagering Incentive Fee under the Racing Distribution Agreement.