Financial statements of gambling establishments by law
In New South Wales (NSW), all licensed gambling establishments are required to maintain detailed financial statements and provide them within the statutory timeframe. These requirements are aimed at ensuring transparency, preventing financial irregularities and combating money laundering. The main provisions are enshrined in Casino Control Act 1992, Gaming Machines Act 2001, Betting and Racing Act 1998, as well as in Liquor & Gaming NSW and NSW Independent Casino Commission (NICC) instructions.
1. Mandatory financial reporting forms
Monthly and quarterly reports on income and expenses from gambling.
Annual financial report in the format approved by the regulator.
Tax and fee reports, including slot machine tax, license fees and special deductions.
AML/CTF (Anti-Money Laundering/Counter-Terrorism Financing) reports are mandatory for all operators in accordance with AUSTRAC federal requirements.
2. Structure and content of reports
Income for each type of gambling (poker machines, board games, betting).
Payout costs.
Administrative and operating expenses.
Details of major transactions and suspicious transactions.
Detailing bonuses, promotions and their impact on income.
3. Reporting deadlines
Monthly reports - until the 20th of the next month.
Quarterly reports - until the 28th day of the month following the quarter.
Annual report - within 3 months after the end of the financial year.
4. Controls and checks
Liquor & Gaming NSW and NICC conduct regular and unscheduled audits.
Operators are required to keep primary accounting documentation for at least 7 years.
Violations in reporting can lead to financial sanctions and suspension of the license.
5. Sanctions for non-compliance
Fines up to AUD 110,000 for legal entities.
Personal responsibility of managers - fines and disqualification from managing the gambling business.
In case of serious violations - revocation of the license and transfer of materials to law enforcement agencies.
6. Significance of financial statements
Clear and transparent reporting allows:
Conclusion:
1. Mandatory financial reporting forms
Monthly and quarterly reports on income and expenses from gambling.
Annual financial report in the format approved by the regulator.
Tax and fee reports, including slot machine tax, license fees and special deductions.
AML/CTF (Anti-Money Laundering/Counter-Terrorism Financing) reports are mandatory for all operators in accordance with AUSTRAC federal requirements.
2. Structure and content of reports
Income for each type of gambling (poker machines, board games, betting).
Payout costs.
Administrative and operating expenses.
Details of major transactions and suspicious transactions.
Detailing bonuses, promotions and their impact on income.
3. Reporting deadlines
Monthly reports - until the 20th of the next month.
Quarterly reports - until the 28th day of the month following the quarter.
Annual report - within 3 months after the end of the financial year.
4. Controls and checks
Liquor & Gaming NSW and NICC conduct regular and unscheduled audits.
Operators are required to keep primary accounting documentation for at least 7 years.
Violations in reporting can lead to financial sanctions and suspension of the license.
5. Sanctions for non-compliance
Fines up to AUD 110,000 for legal entities.
Personal responsibility of managers - fines and disqualification from managing the gambling business.
In case of serious violations - revocation of the license and transfer of materials to law enforcement agencies.
6. Significance of financial statements
Clear and transparent reporting allows:
- Prevent tax evasion.
- Ensure the honesty of settlements with players.
- Identify financial abuse.
- Maintain confidence in the gambling industry in NSW.
Conclusion:
- Financial reporting in NSW is a mandatory element of gambling regulation. Strict requirements for its maintenance and filing ensure the transparency of the industry and allow regulators to effectively control the activities of operators.
