New South Wales government considers rise in betting tax

New South Wales government considers rise in betting tax

Tapcorp has proposed raising betting tax to 20 per cent.

Australia.- The New South Wales (NSW) government is deliberating on a potential increase in betting tax from 15 per cent to 20 per cent as proposed by Tabcorp. Treasurer Daniel Mookhey noted that the move would bring the point of consumption tax (POCT) in line with Queensland and the Australian Capital Territory. He said he would consult with other parties before making a decision.

Tabcorp said in a statement: “This is a positive step towards ensuring the sustainability of the NSW Racing Industry. Tabcorp looks forward to working constructively with the NSW Government and the NSW Racing Industry during this process.”

The POCT was introduced in 2019 to that operators pay taxes in the state where bets are placed rather than where bookmakers are registered. Tabcorp, which operates under retail betting licences across multiple states has advocated for tax parity across the industry. It argues that the current tax variations favour bookmakers in lower-tax jurisdictions like the Northern Territory.

See also: Tabcorp fined US$246k for allowing a minor to gamble in Victoria

Australian online gambling credit card ban enters force

The government of Australia has announced the implementation of the Interactive Gambling Amendment (Credit and Other Measures) Bill 2023 which was approved last December and prohibits the use of credit cards for online gambling. The government had given a six-month transition period to allow the industry to prepare for the ban.

Since June 11, companies failing to enforce the ban could face fines of up to AU$234,750. The new legislation broadens the powers of the Australian Communications and Media Authority to allow enforcement.

The government is currently examining the 31 recommendations from the House of Representatives Standing Committee on Social Policy and Legal Affairs inquiry.

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