After section 151 of the Principal Act , the following section is inserted in Division 2:

152.     Contributions to Tasmanian racing industry

(1)  Without further appropriation than this section, the Treasurer must, in each financial year, pay from the Consolidated Fund a prescribed amount to TOTE Tasmania for the purposes of supporting the Tasmanian racing industry.

(2)  For the purposes of subsection (1) , the prescribed amount is the aggregate of the following:

(a) two-thirds of all tax that is payable to the Treasurer under section 150A(7A)(b) in respect of the preceding financial year, less such part of that amount as is added to the community support levy under section 151(3A) ;

(b) one-half of all tax that is payable to the Treasurer under section 150A(7A)(a) in respect of the preceding financial year;

(c) 100% of the total amount of product levy that is payable to the Treasurer by betting exchange operators in respect of the preceding financial year under section 150AC ;

(d) 100% of the guarantee payments, if any, in respect of the preceding financial year.

(3)  In this section –

guarantee payments means special payments prescribed pursuant to the regulation-making power in section 174(2A) ;

preceding financial year , in respect of a racing industry contribution under subsection (1) , means the financial year immediately preceding the financial year in which the contribution is made.