The ACT Government has confirmed revenue from its 25 per cent Betting Operations Tax would be $5.8 million short of what it initially budgeted.
The ACT established what is effectively a 25 per cent Point Of Consumption Tax, the highest in the country, in 2022, but the expected additional revenue from the tax hike has not materialised as turnover has collapsed.
Last financial year tax returns fell $10.4 million short of budget at $21.7 million and this financial year it will be $22 million, as opposed to the $27.8 million forecast.
”As a relatively new tax, BOT revenue has experienced strong growth from a low base. As the market for online betting has matured, growth has slowed, and this is reflected in the updated estimates,” the Budget said.
While BOT returns rose only $300,000 this year, it is budgeted to rise by $1.7 million in 2025/26. It is also predicted to rise by many times its current rate over the forward estimates.
