Land tax is administered by the Office of State Revenue and regulated by the Land Tax Act 1956 and the Land Tax Management Act 1956. Gambling and betting tax. A range of taxes apply to the various forms of gambling and betting in NSW. These taxes vary depending on the nature of the gambling, and the types of entity providing gambling services. Office of Responsible Gambling Gambling Help NSW Gambling Help 1800 858 858. New Tax To Help Fund Gambling Harm Measures (PDF.
New South Wales has become the latest state to slap online bookmakers with a point of consumption tax.
NSW treasurer Dominic Perrottet will announce a 10 percent tax on online bets made by NSW customers when he delivers the state budget next week.
South Australia, Western Australia and Queensland have all introduced a 15 percent tax on online bets made in their respective states.
Victoria will introduce the lowest point of consumption tax in Australia of eight percent on January 1. The NSW tax on online bets will also come into force on January 1.
The NSW point of consumption tax is expected to raise $100m per year with a portion of the amount collected to head back into the state’s racing industry.
Perrottet told The Australian the tax on online betting companies was to ensure Northern Territory-licenced organisations paid a fair amount of tax in NSW.
“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,” Mr Perrottet said.
Nsw Gambling Tax Rate
“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.
“We also want to make sure that the racing industry is no worse off under these changes, which is why we have taken steps to ensure that they receive fair compensation and that existing parity arrangements are unchanged.”
The TAB wanted the government to impose the same 15 percent rate as other states on online bookmakers. Perrottet said the 10 percent was fair for corporate bookmakers, who also pay race fields fees in NSW.
“We think 10 percent strikes the right balance and that online corporate bookmakers should contribute their fair share,” Perrottet said.
“However, a 15 percent additional tax on top of GST and race field fees would be an excessive burden on players in the market.”
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Perrottet said the NSW Government would review the 10 percent rate in 18 months’ time.