5A Meaning of net proceeds

(1)

In this Act, net proceeds, in relation to any gambling, means—

(a)

the sum of the amounts described in subsection (2); less

(b)

the sum of the amounts described in subsection (3).

(2)

The amounts referred to in subsection (1)(a) are—

(a)

the turnover of the gambling concerned (less prizes):

(b)

any interest or other investment return on that turnover:

(c)

any gain from selling or disposing of a gambling asset at a price or value above the gambling asset’s book value at the time of the sale or disposal.

(3)

The amounts referred to in subsection (1)(b) are—

(a)

the actual, reasonable, and necessary costs, levies, and taxes incurred in conducting the gambling; and

(b)

the actual, reasonable, and necessary costs incurred in complying with any of the following in relation to the gambling:

(i)

this Act or any other relevant enactment:

(ii)

an operator’s licence:

(iii)

a venue licence; and

(c)

the amount by which any gambling asset is depreciated in each year in accordance with generally accepted accounting practice (as defined in section 108) and, where applicable, the depreciation rates set under section 116; and

(d)

any loss from selling or disposing of a gambling asset at a price or value below the gambling asset’s book value at the time of the sale or disposal; and

(e)

any payments made in compliance with regulations made under section 371(1)(dd).

Section 5A: inserted, on 21 October 2015, by section 5 of the Gambling Amendment Act (No 2) 2015 (2015 No 90).