47NPayments of fees, taxes and levies – type 2 business

47N Payments of fees, taxes and levies – type 2 business (1) This section applies to a Licensee who: section 47C; and (b) has been granted a licence under this Division to conduct a type 2 business. (2) The Licensee must pay to the Territory, at the times specified in the agreement, the fees (if any) for the licence specified in, or calculated in accordance with, the agreement. (3) Without limiting the Licensee's liability to pay any other tax under a law of the Territory, and subject to subsection (5), the Licensee must also pay to the Territory, at the times specified in the agreement: (a) as a tax on the approved games conducted each month, the tax amount for the month; and (b) the levies (if any) specified in, or calculated in accordance with, the agreement. (4) The tax amount for a month is tax at the rate of 50% calculated in accordance with the following formula: TA = (R x 0.5) - A

Gaming Control Act 1993 36 where: TA is the tax amount for the month. R is the net revenue from the approved games conducted in the month. A is the GST offset for the month, being the lesser of the following amounts: (a) the global GST amount calculated under the A New Tax System (Goods and Services Tax) Act 1999 (Cth), division 126, for the month for the approved games conducted in the month; (b) the net revenue from the approved games conducted in the month multiplied by 0.5. (5) If the tax amount for a month is less than zero, no tax is payable on the approved games conducted that month. (6) In this section: approved games means the approved games specified in the agreement. gross revenue means the total amount of money received or receivable by the Licensee from players in respect of the approved games conducted under the Licensee's agreement. net revenue means gross revenue from the approved games less the cost of tickets purchased by the Licensee for the approved games. player means an individual who participates in an approved game.