Hi ATO,
I understand from this link that gambling supply (i.e sale of raffle ticket) is a taxable supply, meaning the GST code in the accounting system for Revenue should be - GST on Income.
When it comes to GST code for Prizes payout, should it be - GST Free Expense?
If the Prizes payout is more than the Sale of raffle tickets, it will result a negative margin and does that mean it will be GST receivable when it comes to BAS preparation?
Hi @Wong
Looking at the link you provided it states that if the total amount you received in wagers is more than the total amount of monetary prizes paid out, you must pay GST. If you need further clarification, you can get advice from our GST team by sending them a secure mail message via online services.
Hi @Wong
Looking at the link you provided it states that if the total amount you received in wagers is more than the total amount of monetary prizes paid out, you must pay GST. If you need further clarification, you can get advice from our GST team by sending them a secure mail message via online services.
15 Apr 2026 · 4 min read time
22 Apr 2024 · 6 min read time
15 Apr 2026 · 4 min read time
279 views
1 replies