Qld punts on 15% tax

THE Queensland Government has joined South Australia and Victoria by introducing a point-of-consumption tax on bets placed in the state.

The Government has not decided where money from the tax will be allocated.

The tax, announced in the Queensland Budget yesterday, is due to be implemented from October 1.

The Government will consult with the racing industry and other stakeholders about where the money will go.

The new tax has been set at 15 per cent of net wagering revenue which is the same as South Australia but higher than Victoria which set its levy at 8 per cent. The tax applies to all bets placed with licensed gambling operators by anyone in Queensland.

The tax will apply to all betting operators licensed in Australia but no tax will be paid up to a turnover threshold of $300,000 in a financial year.

The Queensland racing industry has lobbied to have all money raised, expected to be $70.9 million in the first year, go back to the three codes of racing.