New gambling tax for Queensland

The Queensland government has joined South Australia and Victoria by introducing a point of consumption tax on bets placed in the state.

The government has not decided where money from the tax will be allocated.

The tax, announced in the Queensland budget on Tuesday, is due to be implemented from October 1.

The government will consult with the racing industry and other stake holders about where the money will go.

The new tax has been set at 15 per cent of net wagering revenue which is the same as South Australia but higher than Victoria which set its levy at eight per cent.

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The tax applies to all wagers placed with licensed gambling operators by anyone in Queensland.

NSW, Western Australia and Tasmania are expected to follow in the coming months.

The tax will apply to all betting operators licensed in Australia but no tax will be paid up to a turnover threshold of $300,000 in a financial year.

It should protect smaller betting operators from having to pay the tax.

The Queensland racing industry has been lobbying to have all money raised, expected to be $70.9 million in the first year, go back to the three codes.