Centrebet Pty Ltd v FCT – Appeal dismissed by consent after Commissioner agreed to allow prizes paid overseas as a reduction to the ‘global GST amount’ on which tax is levied [G2]

A taxpayer’s appeal to the Federal Court (in Centrebet Pty Ltd v FCT) concerning GST on monetary prizes paid to non-residents has been finalised and dismissed by consent. The ATO and the taxpayer agreed that the monetary prizes the taxpayer became liable to pay to non-resident entities on the outcome of gambling events during each of the tax periods ending 30 April 2006 to 31 March 2010 inclusive were to be included in “total monetary prizes” for the purposes of applying the formula in s 126-10(1) of the GST Act to calculate the taxpayer’s “global GST amount” for the relevant tax period.

[LTN 1, 4/1]