On Monday the 14th of May the Victorian State Government announced the new Victorian Punters Tax to rival the point-of-consumption taxes brought in already by some of the other states.
The tax rate will be set at 8% which is lower than the 15% figure that South Australia originally set the bar at.
The tax will not come into effect until the first of January 2019.
This is reflective of the larger amount of total turnover that is driven on racing from Victorian-based residents.
New South Wales remains the only other major racing jurisdiction without a version of point-of-consumption but a decision is expected to be made by the NSW state government in coming months.
Victorian Treasurer Tim Pallas spoke about the pending tax which is estimated to deliver some $30 million in tax revenue.
“We’re making sure online betting companies pay their fair share of tax in Victoria,” Treasurer Pallas said on Monday.
“We will continue to consult the industry and other stakeholders as we finalize legislation to implement the Point of Consumption Tax.”
You can click here to download a fact sheet on the proposed Victorian Punters tax.