The state budget is set to include a measure that would take 10 per cent tax on every bet placed in NSW.
Australia.- The government of New South Wales revealed that there will be a new scheme that will take 10 per cent tax on every online bet placed in the territory. The measure will be announced next week in the state budget.
The tax that will take effect on January 1st, 2019, could rake in approximately US$100 million a year, and two per cent of the revenue is set to be destined for the racing industry. Treasurer Dominic Perrottet: “Following an extensive consultation period with stakeholders, this decision will resolve the disconnect between the jurisdiction where gambling activity occurs and where it is taxed.”
“The introduction of a point of consumption tax is an important step to ensure that we are levelling the playing field given the wagering tax paid by onsite operators,” he added.
Earlier this week, the government from the Australian Capital Territory (ACT) introduced a new 15 per cent point of consumption (POC) tax on gambling operators, which will be applied to revenue generated through bets places in the ACT. The tax, which will also be applied to wagers made by residents in the ACT territory, is similar to what other states in Australia have already introduced. Betting operations will be taxed at 15 per cent for sports betting, horse racing and non-sport events.