19Amount of tax payable — licence issued for period greater than 12 months, where subsection 6(2) of the Act applies

19 Amount of tax payable – licence issued for period greater than 12 months, where subsection 6(2) of the Act applies

(1) This item applies to a Part 4 licence where: (a) the licence has a licence period greater than 12 months; and (b) either: (i) the person applying for the licence made an election under subsection 6(4) of the Act that subsection 6(2) of the Act apply; or (ii) when the application was made for the licence, the licence was covered by a determination under subsection 6(1C) of the Act. (2) Subject to items 24 and 25, the amount of tax payable in relation to the issue of the licence is worked out as follows: (a) first, find the yearly amount for the licence; (b) second, obtain the first component by multiplying that yearly amount by the number of years that include one of the following days: (i) the start day for the licence; (ii) a day in the licence period that is an anniversary of the start day, other than the last such anniversary during the licence period (the last anniversary); (c) third, obtain the second component by multiplying the yearly amount for the licence by the number of days in the period starting on the last anniversary and ending at the end of the licence period, and dividing the result by 365; (d) fourth, add the first component and the second component.