The NSW Government will modify casino taxation

The NSW Government will modify casino taxation

Home » The NSW Government will modify casino taxation
The NSW Government will modify casino taxation

To finance essential state programs, New South Wales will overhaul casino tax arrangements.

The government desires to impose a tax on casino table game and poker machine earnings. Improved rates will raise state tax revenues by $364 million over three years beginning on 1 July 2023.

New levies:

Matt Kean from the Treasury stated that the new tax arrangements will support the State’s fiscal goals and its long-term commitments to rebuilding communities affected by COVID-19, floods, and bushfires.

Casinos ought to pay taxes. These new poker machine tax rates will replace the current system, under which casinos pay less than hotels and clubs, according to Kean. These modifications will guarantee that casinos continue to benefit the community and contribute to government services.

NSW Gambling:

Additionally, the official added that thousands of people work and play in New South Wales casinos, indicating the industry’s massive economic impact. Kean stated that the most recent tax rate increase will permit such a contribution. In response to Victorian officials’ announcement that the 2022-23 Victorian budget will alter casino taxation, the legislation will align New South Wales’ tax rates with those of Victoria.

The following operators are impacted:

Government gaming reforms are followed by tax adjustments. The action will impact Star Entertainment Group, whose Sydney businesses generated half of its revenue in fiscal year 2022. Inadequate anti-money laundering operating procedures are also the subject of civil proceedings before the Federal Court.

Star Entertainment “urgently seeks to communicate with the NSW government about the viability of the proposed tax changes and their impact on The Star.”

NSW Responsible gambling:

During the current fiscal year, the Responsible Gambling Fund is spending $33 million to support persons with gambling problems, educate the public about gambling dangers, and conduct research on gaming behavior in New South Wales to encourage responsible gambling. This year, the Government of NSW allocated $5 million to the Responsible Gambling Fund to demonstrate its commitment to the inhabitants of the state.

The latest proposal would provide $364 million in tax income to the state for this purpose.

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