Gaming Machine Tax Act 2001

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.

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—

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,

for any subsequent tax year—no instalment is payable.

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—

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,

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),

calculate the instalment payable by dividing the amount calculated at paragraph (b) by 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.

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.

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.