Betting Tax Act 2018
sec.29Amount of bet generally
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sec.29 Amount of bet generally
If all or part of a bet is made other than in cash, the amount of the bet includes the monetary value of the non-cash consideration comprising the bet when the bet is made. the amount or value of a debt to the extent it is released or extinguished by the bet the amount of any liabilities assumed under the bet, including an obligation, whether contingent or otherwise, to pay any unpaid money digital currency within the meaning of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cwlth) Without limiting subsection (1) , the amount of a bet that is a free bet includes the monetary value of the free component of the bet. The amount of a bet, to the extent it is stated in a foreign currency, is taken to be the amount expressed in Australian dollars according to the rate of exchange that applies in Queensland on— the day the bet is made; or if the rate is not obtainable for Queensland on that day—the last day before the day the bet is made on which the rate was obtainable for Queensland. s 29 amd 2022 No. 30 s 6 (sec.29-ssec.1) If all or part of a bet is made other than in cash, the amount of the bet includes the monetary value of the non-cash consideration comprising the bet when the bet is made. the amount or value of a debt to the extent it is released or extinguished by the bet the amount of any liabilities assumed under the bet, including an obligation, whether contingent or otherwise, to pay any unpaid money digital currency within the meaning of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cwlth) (sec.29-ssec.2) Without limiting subsection (1) , the amount of a bet that is a free bet includes the monetary value of the free component of the bet. (sec.29-ssec.3) The amount of a bet, to the extent it is stated in a foreign currency, is taken to be the amount expressed in Australian dollars according to the rate of exchange that applies in Queensland on— the day the bet is made; or if the rate is not obtainable for Queensland on that day—the last day before the day the bet is made on which the rate was obtainable for Queensland.
- • the amount or value of a debt to the extent it is released or extinguished by the bet
- • the amount of any liabilities assumed under the bet, including an obligation, whether contingent or otherwise, to pay any unpaid money
- • digital currency within the meaning of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cwlth)
- (a) the day the bet is made; or
- (b) if the rate is not obtainable for Queensland on that day—the last day before the day the bet is made on which the rate was obtainable for Queensland.