Queensland government to increase PoC tax by a third
Rise in duty paid by gambling operators to be used to boost revenue received by state’s horseracing industry
The Queensland government has announced that the point of consumption (PoC) tax from 15% to 20% to boost financial support to the state’s racing industry.
The tax increase on gambling companies will also include bonus bets, which were previously excluded.
Previously at 35%, now 80% of all PoC tax receipts will be returned to Racing Queensland, a move with which treasurer Cameron Dick said would create an enduring funding stream for the state’s racing industry.
“At present, a lot of the funding that goes to the racing industry is in the form of short-term government funding programs,” Dick said.
“Now, the industry will have the certainty of knowing they will get 80% of the betting tax, and if the size of the pie grows, so too will their share.
“The significant growth in online betting over the last few years has led to a very different wagering market in Queensland and we need to adapt.”
Racing Queensland received around A$32.5m (£18.6m) in 2020/21.
Compared to that, the new legislation will look to bring in A$80m per year for the state’s horseracing industry.
Tabcorp has also looked favourably upon the deal, commending the Queensland government for “delivering fair and much needed” reform.
This comes after the Australian betting giant reached a PoC tax settlement of A$150m with Racing Queensland, ending three years’ worth of legal wrangling over the calculation of fees liable from Tabcorp.