L&GNSW identifies variations in betting providers’ tax compliance

The regulator has advised providers to check their returns as it carries out an audit.

Australia.- The New South Wales regulator, Liquor & Gaming NSW (L&GNSW) has announced that it is conducting audits on Betting Service Providers (BSPs) compliance with the Point of Consumption Tax (PoCT) provisions under the Betting Tax Act 2001, for the 2019-2024 financial years.

The regulator said that the audits have identified variations in how the industry is currently calculating Net NSW Wagering Revenue (NNWR). To address this, it’s developed guidance material on the methodology for calculating NNWR under section 13A(1)(c)-(e) of the Act. It’s encouraging all betting service providers to review their approach to ensure compliance.

If any variance is observed, BSPs should review and amend historical returns if necessary, making a voluntary disclosure to Revenue NSW, and make necessary updates and changes to processes, documents and systems.

“If your PoCT calculation is found to be incorrect, it could lead to a tax default. Under the Taxation Administration Act 1996, tax defaults may attract interest and penalty tax. More information on interest and penalty tax is available on the Revenue NSW website,” the regulator said.

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The regulator has advised providers to check their returns as it carries out an audit. Australia.- The New South Wales regulator, Liquor & Gaming NSW (L&GNSW) has announced that it…