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The Victorian Government has announced it is introducing a point of consumption wagering and betting tax from 1 January 2019.

The tax will apply at a rate of 8 per cent of the net revenue derived from all wagering and betting activity by customers located in Victoria.

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The State Revenue Office will be responsible for administering the tax, which includes collecting the tax and undertaking compliance activities.

Wagering and betting operators, no matter where they are based, will be required to lodge monthly returns on their net wagering revenue and pay the tax to the State Revenue Office.

More information about the administration of the tax will be released in the coming months.