9Betting tax on totalizator roundings

9 Betting tax on totalizator roundings

9 Betting tax on totalizator roundings

(1) Betting tax is payable on totalizator roundings.

(2) The tax payable is the relevant percentage of the total amount of roundings arising in respect of each day on which a totalizator is conducted by a totalizator licensee on one or more events or contingencies.

(2A) The relevant percentage is—

(a) in respect of a totalizator conducted during the period commencing on 1 July 2015 and ending on 30 June 2016—16.2%, or

(b) in respect of a totalizator conducted during the period commencing on 1 July 2016 and ending on 30 June 2018—13.5%, or

(c) in respect of a totalizator conducted during the period commencing on 1 July 2018 and ending on 30 June 2019—12.17%, or

(d) in respect of a totalizator conducted during the period commencing on 1 July 2019 and ending on 30 June 2020—10.7%, or

(e) in respect of a totalizator conducted during the period commencing on 1 July 2020 and ending on 30 June 2022—7.6%, or

(f) in respect of a totalizator conducted on or after 1 July 2022—3.49%.

(3) The tax is payable by the licensee.

(4) The tax is payable within 7 days after the day in respect of which the roundings arose.

(5) In this section—

rounding means an amount that would ordinarily form part of a dividend but that is retained by a licensee as a result of the rounding down of an amount calculated as dividend.

s 9: Am 2015 No 66, Sch 1 [3] [4]; 2022 No 32, Sch 1[2].