POINT OF CONSUMPTION TAXES -- WHO WINS, WHO LOSES? - Racing Talk - Racehorse TALK harm-plan

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Author Topic: POINT OF CONSUMPTION TAXES -- WHO WINS, WHO LOSES?  (Read 17487 times)

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Offline Devil

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« 2019-Jan-10, 04:32 PM Reply #50 »
Speaking of $50 notes I seen a young girl try to pass a bodgie $50 of in the local fish and chip shop the other day.
Offered the note for a small bottle of drink but the shopkeeper passed it thru a machine and up it come as counterfeit .
Apparently there are heaps of these dud notes around


Offline Jeunes

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« 2019-Jan-10, 05:36 PM Reply #51 »
Agree and I was told not to accept $50 notes unless it is from an ATM as even experienced retailers are being caught out.

Offline Gintara

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« 2019-Jan-10, 07:04 PM Reply #52 »

Hands up, if you can remember the days when your pay came in cash, in a little brown envelope

Ours were in little yellow envelopes.

I did my apprenticeship at a golf club in the Nth West of Sydney, my first boss who was notoriously tight was out mowing fairways with the tow behind gang mower, 'Bumper' as he was known had his pay in his top pocket and as he turned to look at the mower behind him it fell out and straight through the reels & into confetti   :lol:

He did manage to win Lotto twice so we don't have to feel sorry for him  :/

Offline timw

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« 2019-Jan-13, 10:29 AM Reply #53 »
Are the people lining up at the ATMs using no name debit cards ?

Offline Arsenal

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« 2019-Apr-11, 02:24 PM Reply #54 »
One big gamble
RQ ready for a fight with bookies over fees

TAKING A PUNT: RQ has called for feedback on a new schedule of fees. Pictu AAP

RACING Queensland is set to go into battle with corporate bookmakers after flagging a significant increase to race field fees, gambling on the tax rise offsetting a likely reduction in turnover.

Wagering service providers (WSP) claim the proposed new schedule will make Queensland one of the highest-taxing jurisdictions in the world, particularly when combined with a nation-high 15 per cent point of consumption tax.

RQ has invited feedback on the proposed amendments up until April 26, but most WSPs are resigned to the new schedule of fees being implemented on July 1.

Tote derivative products (which include best tote and any multiple betting options with corporate bookmakers) will now be priced at 26 per cent of gross revenue or 3 per cent of turnover – whichever is greater. On premium meetings, this rises to 36 per cent and 3.25 per cent.

For all other bet types (fixed odds win and place betting) the fee will be set at 21 per cent of revenue or 2.5 per cent of turnover and 26 per cent or 2.75 per cent on premium meetings.

It is understood some corporate bookmakers estimate the new schedule to be an increase of 30 per cent on existing prices.

Combined with the point of consumption tax, a Queensland-based punter betting on a Queensland race could be costing a bookmaker as much as 60 per cent of revenue – a figure some suggest will lead to a significant decline in turnover on Queensland racing.

At present RQ receives 60 per cent of its wagering revenue via Queensland TAB, 20 per cent from interstate TABs and a further 20 per cent from corporate bookmakers.

It is understood RQ has modelled for some decline in turnover, but still anticipates the new schedule of fees to deliver bigger returns from WSPs, which in turn they will use to bolster funding to individual clubs.

“As an organisation, it is imperative that we operate in a more commercial manner,” RQ chief executive Brendan Parnell said. RQ has also flagged its intention to introduce minimum bet limits for harness and greyhound racing, following the introduction to gallops races in 2017.

Giddy Up :beer: