Betting Tax and Other Legislation Amendment Bill 2022
Bill Story
The journey of this bill through Parliament, including debate and recorded votes.
Referred to Education, Employment and Training Committee
▸11 members spoke4 support3 oppose4 mixed
Raised concerns about the size of the budget overspend while supporting the betting tax reforms for racing.
“We support the racing industry.”— 2022-11-10View Hansard
As Treasurer, spoke in reply defending the appropriation bills and betting tax reforms, noting the budget management compared to other states.
“The way our government responded to COVID led the nation, and it resulted in unforeseen expenditure being at least a sixth of that of New South Wales.”— 2022-11-09View Hansard
Strongly criticised the $2.85 billion budget overspend and the Treasurer's handling of the renters' tax debacle.
“This is a $2.85 billion overspend. What can you say? That shows the complete incompetence of the Queensland Treasurer.”— 2022-11-10View Hansard
Strongly criticised the bills, particularly the betting tax as a broken promise and the handling of the renters' tax, moving amendments to address the land tax.
“The betting tax is the fourth broken promise. The Treasurer can have any truth that he wants. He can live in whatever parallel universe that he wants, but the real truth is that he has broken a solemnly given promise.”— 2022-11-09View Hansard
Supported the bills, speaking about housing issues and defending the government's approach.
“We are committed to addressing housing challenges.”— 2022-11-10View Hansard
Supported the bills, defending the government's budget management and racing reforms.
“The way we handled the pandemic led the nation.”— 2022-11-09View Hansard
Supported the bills including the racing industry funding reforms.
“This is good for regional Queensland.”— 2022-11-10View Hansard
Opposed aspects of the appropriation bills while supporting racing industry funding.
“The government needs to be accountable for its spending.”— 2022-11-09View Hansard
Raised concerns about the budget while supporting aspects of the racing funding.
“Regional Queensland needs proper investment.”— 2022-11-10View Hansard
Raised concerns about regional impacts while supporting racing industry reforms.
“Regional Queensland needs investment.”— 2022-11-09View Hansard
Supported racing industry funding while criticising the budget overspend.
“We support the racing industry.”— 2022-11-09View Hansard
Plain English Summary
Overview
This bill reforms Queensland racing industry funding by increasing betting tax to 20% and guaranteeing that 80% of revenue flows to Racing Queensland, with minimum funding for country racing. It also establishes administrative systems for the mental health levy on large employers.
Who it affects
Betting operators pay higher taxes, while the racing industry receives guaranteed funding. Large employers with wages over $10 million face new administrative requirements for the mental health levy.
Racing industry funding
A 5% racing levy is added to the existing 15% betting tax, bringing the total to 20%. Free bets are now included in taxable wagering revenue. The Treasurer must pay 80% of betting tax revenue to Racing Queensland each year.
- Betting tax increased from 15% to 20% through a new 5% racing levy
- Free bets now included in taxable wagering revenue calculations
- 80% of betting tax revenue hypothecated (guaranteed) to Racing Queensland
- Minimum $20 million per year for country thoroughbred racing, indexed at 2% annually
- Racing Queensland must publish a country thoroughbred racing program and report on funding
Mental health levy administration
The bill establishes how the mental health levy (which applies to employers with Australian wages over $10 million) will be administered, including how thresholds are calculated and how employers in groups must share information.
- Commissioner of State Revenue can determine periodic thresholds for employers
- Group members must share wage estimates and levy payment information with each other
- New offences with up to 100 penalty units for failing to provide required information
- Penalties of up to 75% of levy liability for non-compliance with returns
- Transitional arrangements for the levy commencing partway through 2022-23 financial year