A recent NSW State budget which announced new tax thresholds for pokie venues has come as a breath of fresh air for many smaller operators who will only have to pay tax on revenue generated by pokies above $200,000.
This new tax threshold is expected to result in 60% of NSW hotels and pubs paying less tax or in many cases no tax at all. The news has been welcomed by the NSW hotelier industry, particularly the smaller operators, many of whom have been under considerable financial pressure following the smoking ban and the consequent disruption in their trade.
However, the State government has been quick to point out that tax payers won’t be responsible for the financial burden of this new measure. Although the tax threshold has been raised, higher taxes for the more profitable venues will more than make up for any tax shortfall.
So called ’super club’ pokies venues can expect to be hit hard, and will be faced with a new marginal tax rate of 50% on earnings above $5 million.
The new tax rates come into effect on July 1.
Source: Online Pokies Club - for the latest news from the pokies industry.
This entry was written by Jamie on Wednesday, June 16th, 2010 at 6:32 pm and is filed under News.
