166Set-off for GST

166 Set-off for GST

(1)  In any month, a registered bookmaker may set off against the commission payable under section 164 any GST paid during the relevant month arising in respect of all bets referred to in section 164(1)(a) and (b) accepted by the bookmaker.

(2)  If, in any month, the amount of GST paid in respect of the bets referred to in section 164(1)(a) and (b) accepted by the registered bookmaker exceeds the amount of commission payable under section 164 in respect of those bets, that excess may be set off in any subsequent month in the same financial year against the commission payable under that section.

(3)  The amount of any credit given to a registered bookmaker for GST paid in a financial year is limited to the commission payable under section 164 for the financial year.

(4)  Within 21 days after the end of a financial year, a registered bookmaker must give Tasracing a return stating –

(a) the amount of commission payable under section 164 in respect of bets accepted by the bookmaker for that financial year; and

(b) the amount of GST paid by the bookmaker in that financial year in respect of those bets; and

(c) the amount of credit given for the amount of commission payable under section 164 in respect of bets accepted in that financial year.

(5)  Subject to subsection (3)  –

(a) if the amount of GST paid in respect of bets accepted by a registered bookmaker for a financial year exceeds the amount of credit given in respect of those bets for that financial year, the difference between those amounts is to be credited to the bookmaker at the time of the next payment of commission required under this Act; and

(b) if the amount of GST paid in respect of bets accepted by a registered bookmaker for a financial year is less than the amount of credit given in respect of those bets for that financial year, the difference between those amounts is to be paid by the bookmaker at the time of the next payment of commission required under this Act.