Under regulation 110 of the Betting Control Regulations 1978, betting operators who use WA race fields as part of their betting operations, are required to submit an independently audited annual return. This return serves to verify the return information provided to the Commission on a monthly basis.
The annual return will cover the period 1 August to 31 July each year. The return must be reviewed and verified by an auditor who is independent to the betting operator (an auditor is an individual qualified to conduct an examination of the records to form an opinion about the authenticity and correctness of such record, such as an accountant).
The return must provide the following information for each month:
- Total amount of turnover on racing bets for WA races;
- Total gross revenue on racing bets for WA races; and
- Total amount of racing bet levy paid.
Betting operators may apply for an exemption to the requirement to lodge an annual return if they meet the following criteria:
- If the total turnover for WA races is less than $50,000 per annum; and
- If the total turnover for WA races is less than 10% of the operator’s total annual turnover.
If seeking an exemption, betting operators must provide the following details:
- The total amount of turnover on WA races for the year;
- The percentage of total annual turnover that applies to WA races; and
- The reasons for the exemption request.
A form has been developed for use when lodging an annual return.