NSW to impose new 10% POC tax on online gambling

NSW to impose new 10% POC tax on online gambling

By site_editor

June 13 2018: Various media, including The Australian, report that the NSW Government will place a 10 per cent tax on all online ­gambling bets when the state budget is presented by the Treasurer Dominic Perrottet next week.

The point of consumption (POC) tax will take effect from January 1 next year. This follows  a Victorian tax of 8 per cent on online bookmakers, which was introdcced in Victoria's state budget in May this year. 

The Australian explains that the tax aims to bring companies such as Ladbrokes and Sportsbet closer into line with Tabcorp in terms of how much tax they pay to the state's economy. At present, most online ­gambling companies in Australia are headquartered in the ­Northern Territory and pay only small fees to participate in the ­industry. A higher rate of 15% was considered but ruled out as operators already pay a number of other taxes. 

It is rumoured that a pecentage of the overall online gambling revenue will be given to the NSW racing industry and that some of the money rasied will help fund a local greyhound racing integrity commission.

 

 

 

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