After regulation 122H of the Principal Regulations, the following regulation is inserted in Division XI:

122HA.     Set off for goods and services tax

(1)  The Board may set off against the amount payable under regulation 122H any goods and services tax paid during the relevant month arising in respect of the Triwin competition.

(2)  If, in any month, the amount of goods and services tax paid in respect of a Triwin competition by the Board exceeds the amount payable under regulation 122H in respect of that competition, that excess may be set off in any subsequent month in the same financial year against the amount payable under that regulation.

(3)  The amount of any credit given to the Board for goods and services tax paid in respect of a Triwin competition in any financial year is limited to the amount payable under regulation 122H in respect of that competition for that financial year.

(4)  Within 14 days after the end of a financial year, the Board must submit a return to the Treasurer stating –

(a) the amount payable under regulation 122H in respect of a Triwin competition for that financial year; and

(b) the amount of goods and services tax paid in that financial year in respect of a Triwin competition; and

(c) the amount of credit given in respect of the amount payable under regulation 122H for a Triwin competition for that financial year.

(5)  Subject to subregulation (3) , where the amount of goods and services tax paid in respect of a Triwin competition for a financial year by the Board exceeds the amount of credit given in respect of that competition for that financial year, the difference between those amounts is to be credited to the Board at the time of the next payment of tax required under these regulations.

(6)  Subject to subregulation (3) , where the amount of goods and services tax paid in respect of a Triwin competition for a financial year by the Board is less than the amount of credit given in respect of that competition for that financial year, the difference between those amounts is to be paid by the Board at the time of the next payment of tax required under these regulations.

(7)  The provisions of the Taxation Administration Act 1997 apply to this regulation and, for that purpose, this regulation is taken to be a taxation law within the meaning of that Act.