Racing Regulation and Integrity Act 2024

In any month, a registered bookmaker may set off against the commission payable under section 164 any GST paid during the relevant month arising in respect of all bets referred to in section 164(1)(a) and (b) accepted by the bookmaker.

If, in any month, the amount of GST paid in respect of the bets referred to in section 164(1)(a) and (b) accepted by the registered bookmaker exceeds the amount of commission payable under section 164 in respect of those bets, that excess may be set off in any subsequent month in the same financial year against the commission payable under that section.

The amount of any credit given to a registered bookmaker for GST paid in a financial year is limited to the commission payable under section 164 for the financial year.

Within 21 days after the end of a financial year, a registered bookmaker must give Tasracing a return stating – the amount of commission payable under section 164 in respect of bets accepted by the bookmaker for that financial year; and the amount of GST paid by the bookmaker in that financial year in respect of those bets; and the amount of credit given for the amount of commission payable under section 164 in respect of bets accepted in that financial year.

Subject to subsection (3) – if the amount of GST paid in respect of bets accepted by a registered bookmaker for a financial year exceeds the amount of credit given in respect of those bets for that financial year, the difference between those amounts is to be credited to the bookmaker at the time of the next payment of commission required under this Act; and if the amount of GST paid in respect of bets accepted by a registered bookmaker for a financial year is less than the amount of credit given in respect of those bets for that financial year, the difference between those amounts is to be paid by the bookmaker at the time of the next payment of commission required under this Act.

The provisions of the Taxation Administration Act 1997 apply to this section and, for that purpose, this section is taken to be a taxation law within the meaning of that Act.

For the avoidance of doubt, a reference in this section to the bets accepted by a registered bookmaker is taken to include the bets, if any, accepted by registered agents of the bookmaker.

In this section – GST has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth.