Victorian Numbered Acts Victorian Numbered ActsAfter Division 2 of Part 6 of Chapter 4 of the Principal Act insert —
(1) The wagering and betting licensee must, in respect of such periods as the Commission determines, pay to the Treasurer a tax equal to 10·91% of the net investment, being the total amount invested, less the total amount paid out as winnings, in approved simulated racing events conducted by the wagering and betting during each such period.
(2) Amounts payable under subsection (1) are payable within 14 days after the approved simulated racing event to which the tax applies is conducted.
(3) If the wagering and betting licensee does not pay an amount of tax payable under this section within the period within which it is so payable, the licensee is liable to pay interest at the rate of 20% per annum on that amount from the date on which the payment was due until payment.
(4) The Commission may, if it thinks fit, mitigate or remit an amount of interest due under subsection (3).
(1) The wagering and betting licensee must pay to the Treasurer a tax equal to 10% of all betting exchange commissions earned by the wagering and betting licensee each month.
(2) The tax payable under subsection (1) is payable within 14 days after the end of the month in which the betting exchange commissions were earned.
(3) If the wagering and betting licensee does not pay an amount of tax payable under this section within the period within which it is so payable, the wagering and betting licensee is liable to pay interest at the rate of 20% per annum on that amount from the date on which the payment was due until payment.
(4) The Commission may, if it thinks fit, mitigate or remit an amount of interest due under subsection (3).".
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