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Gambling agencies face new tax on revenue made from bets laid in SA
DANIEL WILLS STATE POLITICAL EDITOR, The Advertiser
an hour ago
GAMBLING agencies that allow South Australians to bet on sports, elections and horses will be all hit with new tax expected to deliver $9.2 million per year to the State Budget.
Treasurer Tom Koutsantonis today announced the radical move, which he said would be a national first and unlock $500,000 each year to boost gambling rehabilitation programs.
The move will apply a 15 per cent tax on the net wagering revenue of betting companies that earn more than $150,000 per year and offer services to SA. It comes into force next Friday.
It means all bets placed in SA with Australian-based betting companies will be liable.
Mr Koutsantonis said the move followed calls from the SA Council of Social Services for gambling tax reform and the implementation of a place of consumption charge on companies.
The tax will apply to bets on horse, harness and greyhound racing, and sports such as AFL, cricket and soccer. It will also apply to other bets, such as elections and the Academy Awards.
Gambling companies liable to pay the tax include UBet, other SA licensed bookmakers and authorised interstate betting operators including TABs in other states.
Corporate bookmakers such as Sportsbet and Ladbrokes will also be captured.
Based on current data, the Government expects to raise $9.2 million each year.
Of that, $500,000 will be contributed annually to the state’s gamblers rehabilitation fund.
The Government says the racing industry will be “no worse off” due to the tax.
Mr Koutsantonis said the betting industry was “rapidly changing and our tax regime needs to change with it”. Profits made in SA should be taxed by the state, he said.
“If betting companies are making profits from SA punters they should be paying tax in SA, not in whichever jurisdiction their head office and servers happen to be located,” he said.
“By implementing a wagering tax based on the place of consumption, we are ensuring that
businesses are paying taxes in the jurisdiction in which they are making their money.”