New South Wales to increase casino tax rates
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The New South Wales Government proposes increased tax rates on casino earnings from gaming tables and poker machines. The increased rates are anticipated to become effective as of 1 July 2023.
New South Wales to increase casino tax rates. New tax arrangements will support the State’s fiscal policy and its ongoing investments in communities recovering from COVID-19, floods, and bushfires.
The latest tax rate increase will support the contribution of casinos to the NSW economy. The measure will bring NSW tax rates in line with those applicable in Victoria.
The potential tax changes represent the Government's efforts to reform the gaming industry. It will affect the revenues of major NSW casino operators such as Star Entertainment Group, which Sydney operations made up half of the company's revenue in fiscal 2022. Star is in the middle of civil proceedings before the Federal Court facing allegations of failures in anti-money laundering operating procedures.
The New South Wales Government is spending $33 million in the current year through the Responsible Gambling Fund to support individuals facing gambling issues and educate the community on the risks of gambling. This year, the Government allocated an additional $5 million to the Fund. The latest proposal would generate an extra $364 million for the State.
