7Foreign games permit tax rate

7 Foreign games permit tax rate

For the purposes of section 150AF(2) of the Act, the amount of tax payable on a foreign games permit holder's turnover on tickets sold in Tasmania in a foreign game during a month, taking into account the effect of the goods and services tax, is the percentage, of that turnover, calculated in accordance with the following formula:

where –

A is the percentage of the foreign games permit holder's turnover, on the tickets in the foreign game during the month, that is payable as tax under section 150AF(2) of the Act;

B is the percentage that is specified by the foreign games permit holder (in accordance with the foreign games permit holder's foreign games permit) as the rate of return to players, as winnings, of turnover on the tickets in the foreign game during the month;

C is the rate of goods and services tax specified in section 4 of the A New Tax System (Goods and Services Tax Imposition – General) Act 1999 of the Commonwealth as being payable under the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth.