CalvinAyre.com says – The Australian Capital Region is taxed at a higher rate and is far more restrictive than Australia’s other gambling jurisdiction. Look at the ACR licence if you need to offer bets to ACR locals, otherwise look at the Northern Territory.
People outside of Australia regularly get mixed up with the capital of Australia and rarely hazard a guess that it’s in fact Canberra. As far as the country’s gaming industry is concerned this is as important a city as any. The Interactive Gambling Act 1998 came into force in 2000 and under the legislation it was made illegal for anyone outside of Australia to offer a product to Aussie citizens, and advertise services within the confines of the country.
The tax system in place makes it more favorable the more profit your company makes although a license fee that is quite exorbitant offsets this. Player fees must be kept in a trust account and there are stringent testing facilities in place to make sure the software is fit and proper. Breaches of the law are punishable by up to two years in jail and reflect the wider strict attitude Australia has towards the gaming industry and overview of the jurisdiction here – include location, history of their licensing, and some positive and negative points to their regulatory structure. Highlight some of the advantages from the information below. 200 words
Additional Gaming Tax Rate:
Gross profit tax system in place:
Up to $10 million the rate is 20%
Up to $20 million the rate is 10%
Anything beyond this is taxed at 5%
Minimum Share Capital for an iGaming Company:
Nothing stated
Security Requirements/Indemnity for Players Deposits:
Provider must hold player funds in an approved trust account.
License Fee:
$200,000 when license is granted
$100,000 every year after that
License Duration:
Defined by operator
Do Local Banks Process Online Gaming Transactions:
Yes
Bandwidth Type Available:
NA
Software Testing Requirements:
Any software being used must be included within a “control system submission”. This includes everything to do with the licensees proposed gaming system and needs to be approved before any site is opened up. Any changes to this must go through the regulator.
Reporting Requirements to the iGaming Regulators and/or Financial Regulator:
At the end of each financial year an audit must be produced within three months. The financial statements and accounts must include trading accounts (if applicable), profit and loss accounts, and a balance sheet.
Anti-Money Laundering Policy for iGaming Firms:
Nothing stated
Restrictions on Jurisdictions from which you can take Wagers:
Legal for Australian licensed online sports books, race betting and lottery sites to offer their product to Australian and international customers.
Contact Details of Government Department or Regulator:
Address: Canberra Nara Centre
1 Constitution Avenue
CANBERRA CITY ACT 2601
Phone Number: 61 2 6207 0359
Website: http://www.gamblingandracing.act.gov.au/
Email: [email protected]
