79Duty on profits derived from approved gaming devices during the last three quarters of the duty period commencing on 1 December 1997

79 Duty on profits derived from approved gaming devices during the last three quarters of the duty period commencing on 1 December 1997

79 Duty on profits derived from approved gaming devices during the last three quarters of the duty period commencing on 1 December 1997

(1) This clause applies to determine the duty payable on profits derived from approved gaming devices kept on the premises of a registered club during the remainder of the transitional year after 28 February 1998, and so applies to the exclusion of section 87.

(2) If the profits from all approved gaming devices kept on the premises of a registered club during the remainder of the transitional year after 28 February 1998 do not exceed $75,000, no duty is payable on the profits.

(3) If the profits from all approved gaming devices kept on the premises of a registered club during the remainder of the transitional year after 28 February 1998 exceed $75,000 but do not exceed $150,000, duty is payable on so much of the profits as exceeds $75,000 at the rate of 1%.

(4) If the profits from all approved gaming devices kept on the premises of a registered club during the remainder of the transitional year after 28 February 1998 exceed $150,000 but do not exceed $750,000, duty is payable—

(a) in the sum of $750, and

(b) on so much of the profits as exceeds $150,000 but does not exceed $750,000—at the rate of 20%.

(5) If the profits from all approved gaming devices kept on the premises of a registered club during the remainder of the transitional year after 28 February 1998 exceed $750,000, duty is payable—

(a) in the sum of $120,750, and

(b) on so much of the profits as exceeds $750,000—at the rate of 26.25%.

(6) This clause has effect subject to clause 80.