$4.6 million fine on Tabcorp for violating obligations
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NSW to review Tabcorp’s 20% betting tax proposal
The Australian state of New South Wales (NSW) is set to take a closer look at Tabcorp‘s request to raise the point of consumption tax to 20%.
Currently, wagering operations operating in NSW pay 15% POCT. Tabcorp, however, is recommending that the government carry out the increase to align NSW with other states that impose a 20% fee. The POCT rate in the Australian Capital Territory is now 20%, as is the case in Queensland. Only in June 2022 did NSW raise its rate from 10% to 15%. In January 2019, a 10% starting rate was implemented.
POCT does not apply to the location of the operator that takes bets; it involves the site where bets are placed. This implies that regardless of where their license registration is located, all operators who are in business in NSW are liable to tax in the state. In addition to POCT, the Tabcorp proposal makes a number of other changes to the laws and license requirements related to gambling. A 10% shareholding cap and a requirement to reach an agreement with the racing industry are examples of possible modifications.
The proposal’s capacity to provide a long-term, sustainable funding model for the NSW racing sector, as well as its value for money and advantages to taxpayers in the state, would be the primary factors taken into consideration, according to the NSW government. Gambling operators and any other parties who may be impacted by the amendments are encouraged to submit submissions to the government.
NSW Treasurer Daniel Mookhey said:
“Gambling companies should always be paying their fair share.The NSW government will apply strict scrutiny to Tabcorp’s proposal. Change will happen if it is clear that the public will be better off.”
Minister for Gaming and Racing David Harris added:
“The NSW racing industry generates billions of dollars for the NSW economy and sustains tens of thousands of jobs. The NSW government wants to ensure the industry has a sustainable future for all those who make a living from it and participate in it and that the public is getting its fair share from all involved. We must be satisfied the proposal meets the interests of both the wider community and the racing industry and its stakeholders, before we consider implementing any elements of it.”
Tabcorp issued a statement in which it appreciated the decision to create a formal process for the proposal:
“This is a positive step towards ensuring the sustainability of the NSW racing industry. We look forward to working constructively with the NSW government and the NSW racing industry during this process.”
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