The point of consumption tax is calculated at 10 per cent of the net NSW wagering revenue that exceeds the financial year threshold for bets that are placed in NSW.
Value of revenue collected through gambling taxes, broken down by postcode and by financial year between 1 July 2011 and 31 May 2017. Documents: FA#236 2016-17 Gaming Tax Revenue by Postcode.XLSX. Online gambling operators in New South Wales (NSW) are bracing for a new tax regime that is expected to inject an additional AUD100 million (US$78.10 million) into the state funds. Pxi hybrid slots.
Net NSW wagering revenue
Your net NSW wagering revenue is calculated as the sum of the following.
| 1. NSW totalizator bets | Total of all your NSW revenue from totalizator pools during the period. |
| 2. NSW betting exchange bets | Total of all your fees and commissions for NSW betting exchange bets. |
| 3. Other NSW bets | Calculated by: Total of all NSW bets, including bets placed at fixed odds and totalizator derived odds, and the face value of any free bet. plus Total fees and commissions associated with making the bets. less Total winnings paid or payable in relation to those bets, including winnings paid for free bets, but not including winnings paid in the form of credits or entitlements that can't be converted to money. less Riverside casino buffet tulsa. Total refunds paid or payable in relation to those bets, not including the amount paid or payable in credits or entitlements that can't be converted to cash. |
| 4. Unclaimed winnings for NSW bets | Amounts you're entitled to retain for unclaimed NSW winnings during the period. |
| 5. Other amounts | Amounts you're entitled to be paid in relation to unclaimed NSW winnings during the period. |
Taxable net wagering revenue
Casino tropez bonus codes 2018. When preparing your monthly returns, calculate your net NSW wagering revenue and deduct the threshold entitlement for the financial year.
Calculating a free bet
The face value of a free bet (also a bonus bet) must be included when calculating your net NSW wagering revenue. Any amount reclaimed from a successful bet must not be included as part of total winnings.
Example 1: Customer A receives a free bet valued at $200, which results in zero winnings.
| Total other NSW bets | $200 |
| plus total fees and commissions | $0 |
| less total winnings | $0 |
| less refunds | $0 |
| Other NSW bets | $200 |
Example 2: Customer B receives a free bet valued at $200, which results in a gross win of $750.
The betting operator deducts $200 (value of free bet) from the gross winnings, resulting in a net winning of $550.
| Total other NSW bets | $200 |
| plus total fees and commissions | $0 |
| less total winnings | $550 |
| less refunds | $0 |
| Other NSW bets | -$350 |
Bets placed before 1 January 2019
Net NSW wagering revenue is calculated according to when a bet is placed and the cash received, not when an event occurs or a bet is settled.
Bets placed before 1 January 2019 aren't subject to point of consumption tax. Winnings from these bets can't be claimed as a deduction when calculating your net NSW wagering revenue.
Determining a customer's location
| How bet is made | Customer's location |
|---|---|
| On course or in person | All bets placed from a venue within NSW are captured based on the location where the transaction takes place. |
| Online or by phone | All bets placed online or by phone are captured based on the physical location of the customer when placing a bet. |
You must take reasonable steps to identify the physical location of the person making a bet. You can rely on:
- the residential address of the person making a bet
- the principal place of business of the corporation making a bet.
You must use an alternative address if you know or suspect the residential or business address isn't the physical location of the person making the bet. For example, where a customer discloses to the phone operator that they are currently in NSW and their residential address is in another state.
Liquor & Gaming NSW will undertake compliance activities to ensure that the customer's address is accurate. Interest and penalty tax may apply where reasonable steps have not been taken to capture the physical location of the person making the bet.
GST and net NSW wagering revenue
Net NSW wagering revenue is the GST inclusive amount.
Example
A betting service provider receives $5,000 in bets and pays out $4,000 in winnings. Point of consumption tax will be payable on $1,000.
Nsw Gambling Tax Calculator
David Leyonhjelm, lead candidate for the Liberal Democrats, today announced he will push to abolish gambling taxes if successful in winning the balance of power at the NSW election.
- the residential address of the person making a bet
- the principal place of business of the corporation making a bet.
You must use an alternative address if you know or suspect the residential or business address isn't the physical location of the person making the bet. For example, where a customer discloses to the phone operator that they are currently in NSW and their residential address is in another state.
Liquor & Gaming NSW will undertake compliance activities to ensure that the customer's address is accurate. Interest and penalty tax may apply where reasonable steps have not been taken to capture the physical location of the person making the bet.
GST and net NSW wagering revenue
Net NSW wagering revenue is the GST inclusive amount.
Example
A betting service provider receives $5,000 in bets and pays out $4,000 in winnings. Point of consumption tax will be payable on $1,000.
Nsw Gambling Tax Calculator
David Leyonhjelm, lead candidate for the Liberal Democrats, today announced he will push to abolish gambling taxes if successful in winning the balance of power at the NSW election.
'Abolishing gambling taxes in NSW would be a $2.7 billion annual tax cut equivalent to $340 per person,' he said.
'Under the Liberal Democrats, you'd no longer be stung by the government when you put a sure bet on Winx at the races, have a cheeky spin on the pokies at your local club or hotel, put it all on black at the casino, or buy a lotto ticket at your local newsagent.
'You could have more bets as well as go home with more money in your pocket.
'The NSW State Government taxes gamblers more than in other States. Nationwide, gambling taxes are $280 per person, whereas they are $340 per person in NSW.
'Our State Governments are addicted to gambling tax revenues. And the NSW Government is the biggest junkie of all. It's time we made the States go cold turkey.
'For most gamblers, gambling is a leisure activity like any other. Their pastime shouldn't be taxed more than anyone else's pastime.
'Only a small minority of gamblers suffer such lack of control that they experience excessive losses.
'Gambling taxes don't even help problem gamblers; they just add to their losses. Problem gamblers don't see the reduction in potential pay-offs resulting from gambling taxes, and they don't reduce their gambling as a result of lower potential payoffs.
Nsw Gambling Tax Rates
'Gambling taxes go into the general coffers of State Governments rather than towards problem gambling programs, which account for a tiny fraction of gambling tax collections.'
Nsw Gambling Taxes
The Liberal Democrats' plan to abolish gambling taxes is part of a fully-costed alternative budget, to be publishedlater this month, involving each State delivering budget surpluses and significant cuts to taxes and government spending.
