The Betting Tax Amendment (Point of Consumption) Act 2018 received assent on 31 October 2018.
From 1 January 2019, betting operators who are licensed in Australia must pay a point of consumption tax on all bets – bookmaker, betting exchange, totalizator, lay-off and free bets – made in person, online or over the phone by customers located in NSW at the time the bet was placed.
Betting operators include:
The tax will be 10 percent of the net NSW wagering revenue that exceeds the financial year threshold.
The threshold for 2019-20 is $1 million. From 1 January 2019 to 30 June 2019, the threshold is $500,000.
There will be no changes to current betting tax and industry funding arrangements paid by the totalizator licensee.
We will administer the tax, issue assessments and reassessments, collect the tax and approve payment arrangements.
Liquor & Gaming NSW will conduct compliance audits.
If you’re liable to pay the tax, you must register within seven days after the month your net NSW wagering revenue exceeds the annual threshold.
More information on how to register will be available in the coming months.
You must lodge a return and pay within 21 days after the end of each month.
Even if the tax payable is zero, you must still lodge a return.
Your June return will be used as an annual reconciliation to recalculate your annual liability.
Your net NSW wagering revenue is the sum of:
If you overpaid tax in a financial year, your refund will be calculated when you submit your annual or June return.