13POffset of tax to totalizator licensee

13P Offset of tax to totalizator licensee

13P Offset of tax to totalizator licensee

(1) A totalizator licensee is entitled, for a financial year, to an offset against the point of consumption tax payable by the licensee in an amount equal to the sum of the following—

(a) the amount of betting tax under Part 2 paid by the licensee for that financial year less any offset for the financial year under section 11,

(b) the tax reduction amount for that financial year paid by the licensee under section 70 of the Totalizator Act 1997.

(2) For the avoidance of doubt, if in relation to a financial year the amount of a totalizator licensee’s offset under this section is greater than the amount of the totalizator licensee’s point of consumption tax liability under this Part, the totalizator licensee is not entitled to a refund of that excess amount.

(3) Nothing in this Part requires a totalizator licensee to pay point of consumption tax for any period before the offset under this section for that period is applied to that liability.

Note—

Division 2 of Part 6 of the Taxation Administration Act 1996 enables the Chief Commissioner to approve special arrangements for the lodging of returns and payment of tax under taxation laws.

s 13P: Ins 2018 No 69, Sch 1 [4].