Victoria On the Brink of AU$2 billion collected in Tax Revenue
Added: May 21, 2018
State Treasurer, Tim Pallas, revealed that Victoria is on the target to reach an unprecedented AU$2 billion in tax revenue collected in the 2017/18 financial year. Despite being so close to the mark, Pallas revealed that the figures fall short of the forecast estimate made by the state. With the current number at about AU$1.87 billion, the tax revenue appears to be on course to reach the milestone.
Victorian Gambling Taxes in the News Again
The budget estimates hearing on Tuesday comes on the heels of a proposed eight percent point-of-consumption tax on online betting companies, announced on Monday. Mr Pallas said gambling taxes were initially estimated to show about 1.6 percent growth per year. The current rate falls ‘substantially’ below the predicted standard, despite the noticeable increase. The point-of-consumption tax is predicted to push the gambling taxes to match the overall state tax revenue which stands at four per cent.
The 8% point-of-consumption tax is not official yet, as the government of Victoria is still deliberating on the matter. The proposed tax is projected to help the state government profit from gambling to the value of AU$30 million a year. Even with this number, Pallas and Victoria received criticism on the suggested 8% tax on online betting agencies, as it pales in comparison to other states in Australia.
Victoria’s Proposed 8% Point-Of-Consumption Tax on Online Betting
Victoria’s recent announcement of the intention to introduce an 8% point-of-consumption tax on online betting did not have a good reception. Anti-gambling groups were outraged, as it falls almost half the percentage set by other states on Australia. South Australia and Western Australia have committed themselves to a 15% point-of-consumption tax, with Queensland alluding to following suit. Victoria and New South Wales are the only states that have not made an official announcement on their point-of-consumption tax. While we wait to see what the tax for online sports betting is going to be, check out our latest casino games on australiaonlinecasinos.net.