18th February 2013, 12:06 PM
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Member
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Join Date: Aug 2010
Posts: 1,033
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Quote:
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Originally Posted by michaelg
Not being a Betfair bettor I'm not aware of any turnover tax.
Are you saying 1.2% of my bet is automatically deducted together with 6.35% of any profit? If I bet on 90% of the field I automatically lose 1.2% of each bet? If I bet on less than 50 markets/races/horses a week then the tax does not apply?
Sounds a like the dreaded Ned Kellyesque TAB where approximately 16% of the bet is gouged.
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Yes. Every back bet is subject to the 1.2% turnover charge (in NSW, VIC, QLD, WA which is around 80-90% of most meetings) regardless of winning or losing. You have to bet in more than 50 taxed markets per week and bet more than $2000 (which could easily be done if looking to up the ante one day).
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