You may have had the opportunity to read my blog commentary in February this year regarding the introduction of a new taxation regime for Electronic Gaming Machines (EGMs) in Victoria from 1 April 2014 (here).
I note that this change in legislation was under a cloud due to the voting situation with the Liberal Government. However as covered off in this Government media release (here) the new gaming rates have commenced with effect from 1 May 2014. As stated in the media release, a number of concessions were provided to the Member of Frankston in order to secure his vote. Those concessions were:
•Extension of the period for gaming entitlement repayments for Victorian clubs by six months.
•Amendments to the existing financial hardship guidelines that allow pub and club venue operators to seek an extension of their payment terms. Penalty interest will no longer be payable on extensions except in certain limited circumstances.
•Deferment of the effective commencement date of the gaming machine tax changes from 1 April 2014 to 1 May 2014.
It will be interesting to see what impact this will have on the industry given the steady increase in Gaming expenditure (Jul 12 – March 13 of $1.885bn vs Jul 13 – March 14 of $1.889b)