11   Refund of tax to totalizator licensee

(1)  A totalizator licensee is entitled to a refund of the betting tax paid by the licensee in an amount equal to 9.11% of the commission deducted (under section 69 of the Totalizator Act 1997) from the total amount invested by eligible investors in totalizators conducted by the licensee during a financial year.

(2)  The Minister may reduce any refund (the full refund) that a licensee is entitled to under this section by:

(a)  any amount determined by the Minister to be the shortfall in rebates paid to eligible investors, being the amount by which the total of the benefits and rebates (other than dividends) paid by the licensee to eligible investors during the financial year concerned is less than the amount of the full refund, and

(b)  any amount determined by the Minister to be the shortfall in minimum betting tax receipts from the licensee, being the amount by which the total betting tax paid by the licensee on commissions deducted from the total amount invested by eligible investors in totalizators conducted by the licensee during the financial year concerned would be less than $11 million if the full refund were to be paid to the licensee.

(3)  A totalizator licensee is not entitled to a refund under this section unless, after the end of a financial year, the licensee:

(a)  makes an application in the form approved by the Minister, and

(b)  provides the Minister with such information as the Minister may request as to the benefits or rebates (not including dividends) paid by the licensee to eligible investors (if any).

(4)  A refund to which a totalizator licensee is entitled under this section is to be paid at such time after the end of the financial year as the Minister considers appropriate.

(5)  For the purposes of this section, an investor is an eligible investor in respect of a financial year if the investor had a betting account with the licensee during the financial year, and:

(a)  was resident outside Australia for not less than 11 months of the financial year, or

(b)  invested, from that account, a total of not less than $3 million in totalizators conducted by the licensee during the financial year.

(6)  This section applies only in respect of the financial years ending on 30 June 2011 and 30 June 2012 and any later financial year prescribed by the regulations.