Section 11A of the Principal Act is amended as follows:

(a) by omitting subsections (3) , (3A) and (3B) and substituting the following subsections:

(3)  For any employer the annual amount of pay-roll tax payable under subsection (1) for a financial year commencing on 1 July 2000 or 1 July 2001 is –

(a) if adjusted Australian wages for the year are $606 000 or less, nil; or

(b) if adjusted Australian wages for the year are more than $606 000, an amount ascertained by applying the rate of 6.53% to the difference between the total of the taxable wages paid or payable by the employer during that financial year and an amount calculated in accordance with the following formula:

(3A)  For any employer the annual amount of pay-roll tax payable under subsection (1) for a financial year commencing on or after 1 July 2002 is –

(a) if adjusted Australian wages for the year are $612 000 or less, nil; or

(b) if adjusted Australian wages for the year are more than $612 000, an amount ascertained by applying the rate of 6.47% to the difference between the total of the taxable wages paid or payable by the employer during that financial year and an amount calculated in accordance with the following formula:

(b) by omitting from subsection (3C) " subsections (3A) and (3B) " and substituting "subsections (3) and (3A)" ;

(c) by omitting subsections (5) and (6) and substituting the following subsection:

(5)  In this section,

adjusted Australian wages means, in respect of a financial year commencing on or after 1 July 1992, the Australian wages paid or payable by an employer during that financial year, multiplied by –

where D is the number of days on which the employer was an employer during the financial year.