Section 7 of the Principal Act is amended by omitting subsections (1A) , (1B) , (2) and (2A) and substituting the following subsections:

(2)  For the purposes of ascertaining the monthly pay-roll tax payable by an employer for the financial year commencing on 1 July 2000 and subsequent financial years, an amount calculated in accordance with the following formulae is to be deducted from the amount of taxable wages each month:

(a) for the financial year commencing on 1 July 2000 or 1 July 2001 –

(b) for the financial year commencing on 1 July in any subsequent year –

where –

T is the taxable wages for the month; and

A is the Australian wages for the month; and

D is the number of days in the month during which the employer was an employer; and

M is the number of days in the month.

(2A)  If the Australian wages paid or payable by an employer for a month after June 2000 but before July 2002 are more than $50 500 for that month, the rate of pay-roll tax payable for that month in respect of taxable wages included in those Australian wages is 6.53%.

(2B)  If the Australian wages paid or payable by an employer for a month after June 2002 are more than $51 000 for that month, the rate of pay-roll tax payable for that month in respect of taxable wages included in those Australian wages is 6.47%.