Queensland Numbered Acts

BETTING TAX ACT 2018 - SECT 29

29 Amount of bet generally

(1) If all or part of a bet is made other than in cash, the amount of the bet includes the monetary value of the non-cash consideration comprising the bet when the bet is made.

Examples of consideration that may comprise all or part of a bet—

• the amount or value of a debt to the extent it is released or extinguished by the bet

• the amount of any liabilities assumed under the bet, including an obligation, whether contingent or otherwise, to pay any unpaid money

• digital currency within the meaning of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cwlth)

(2) Subsection (1) is subject to section 28 (2).

(3) The amount of a bet, to the extent it is stated in a foreign currency, is taken to be the amount expressed in Australian dollars according to the rate of exchange that applies in Queensland on—

(a) the day the bet is made; or

(b) if the rate is not obtainable for Queensland on that day—the last day before the day the bet is made on which the rate was obtainable for Queensland.