12Partial refund of licence fee on reduction of gaming machine authorities

12 Partial refund of licence fee on reduction of gaming machine authorities

(1)  In this regulation –

reduced number, in relation to gaming machine authorities endorsed on a venue licence, means the number of gaming machine authorities endorsed on that venue licence after the venue licence has been amended to reduce the number of gaming machine authorities endorsed on that licence.

(2)  For section 148(4) of the Act, the proportional refund of the relevant part of a venue licence fee where the number of gaming machine authorities endorsed on the licence is reduced is to be calculated in accordance with the following formula:

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where –

A is the refund amount to be calculated;

B is the venue licence fee payable for the full financial year under section 148(1)(a) of the Act;

C is the venue licence fee that would have been payable for the full financial year under section 148(1)(a) of the Act if the number of gaming machine authorities endorsed on the venue licence were the reduced number;

D is the number of days in that financial year;

E is the number of days in the quarter for which the number of gaming machine authorities endorsed on the licence is the reduced number.