sec.59BPayment of amounts to board

sec.59B Payment of amounts to board

The Treasurer must, for each financial year in which assessments are made of betting operators’ liability for betting tax, pay the board an amount equal to 80% of the betting tax revenue for the financial year. The amount payable under subsection (1) for a financial year is to be paid in 4 instalments as provided under this section. Each instalment for the financial year— is to be paid as soon as practicable after the end of each quarter in the financial year; and may be based on an estimate of the betting tax revenue for the financial year. However, if the board has been overpaid or underpaid for the financial year, the Treasurer must, as the case requires— deduct an amount from the next instalment payable under this section; or pay an additional amount with the next instalment payable under this section. Amounts payable under this section are to be paid out of amounts paid under an appropriation Act to the department in which the Racing Act 2002 is administered. The Treasurer’s obligation under subsection (1) for a financial year is discharged to the extent of the amounts paid under subsection (5) for the financial year. In this section— appropriation Act see the Financial Accountability Act 2009 , schedule 3 . board means the entity continued in existence under the Racing Act 2002 , section 6 under the name Racing Queensland Board. quarter , in a financial year, means any of the following periods in the financial year— 1 July to 30 September; 1 October to 31 December; 1 January to 31 March; 1 April to 30 June. s 59B ins 2022 No. 30 s 7 (sec.59B-ssec.1) The Treasurer must, for each financial year in which assessments are made of betting operators’ liability for betting tax, pay the board an amount equal to 80% of the betting tax revenue for the financial year. (sec.59B-ssec.2) The amount payable under subsection (1) for a financial year is to be paid in 4 instalments as provided under this section. (sec.59B-ssec.3) Each instalment for the financial year— is to be paid as soon as practicable after the end of each quarter in the financial year; and may be based on an estimate of the betting tax revenue for the financial year. (sec.59B-ssec.4) However, if the board has been overpaid or underpaid for the financial year, the Treasurer must, as the case requires— deduct an amount from the next instalment payable under this section; or pay an additional amount with the next instalment payable under this section. (sec.59B-ssec.5) Amounts payable under this section are to be paid out of amounts paid under an appropriation Act to the department in which the Racing Act 2002 is administered. (sec.59B-ssec.6) The Treasurer’s obligation under subsection (1) for a financial year is discharged to the extent of the amounts paid under subsection (5) for the financial year. (sec.59B-ssec.7) In this section— appropriation Act see the Financial Accountability Act 2009 , schedule 3 . board means the entity continued in existence under the Racing Act 2002 , section 6 under the name Racing Queensland Board. quarter , in a financial year, means any of the following periods in the financial year— 1 July to 30 September; 1 October to 31 December; 1 January to 31 March; 1 April to 30 June.