Section 7 of the Principal Act is amended as follows:

(a) by omitting from the formula contained in subsection (1B) "47083" and substituting "50000" ;

(b) by inserting in subsection (2) ", but before 1 July 1997," after "1992" ;

(c) by inserting after subsection (2) the following subsection:

(2A)  If the Australian wages paid or payable by an employer for a month after June 1997 are more than $50 000 for that month, the rate of pay-roll tax payable for that month in respect of taxable wages included in those Australian wages is 6.6%.