162BGaming machine tax rebate—part financial year

162B Gaming machine tax rebate—part financial year (1) This section applies to a licensee if the licensee was part of a club group (other than a small or medium club group) for part of a financial year only. (2) The licensee is only entitled to a GMT rebate for the part of the financial year that the licensee was not part of the club group.

(3) The amount of the GMT rebate for the licensee is 50% of the licensee’s GMT liability for the part of the financial year (the entitled part of the year) for which the licensee is entitled to the rebate. (4) However, if the amount of GMT rebate the licensee is entitled to would be reduced under section 162A (3) if the licensee were entitled to the rebate for the whole of the financial year, the amount of the rebate under this section is reduced in accordance with section 162A (3), as if a reference to $4 000 000 for the financial year were a reference to the adjusted amount for the entitled part of the year. (5) The GMT rebate applies to reduce the amount of the licensee’s gaming machine tax liability worked out under section 159 for the entitled part of the year. adjusted amount, for a licensee, means $4 000 000, adjusted on a pro- rata basis for the part of the financial year the licensee was entitled to the GMT rebate. Example—adjusted amount If the licensee is entitled to the rebate for 6 months in a financial year, the amount is adjusted to $2 000 000. GMT liability, for a licensee, means the licensee’s gaming machine tax liability worked out under section 159 on the licensee’s gross revenue that is not more than the adjusted amount from the operation of gaming machines under all of the licensee’s authorisation certificates.