Minister of Internal affairs Peter Dunne has confirmed new regulations will come into effect on 4 September 2014 that raise the minimum percentage of net proceeds gaming societies must return to the community.
This will be a staggered increase. In the first financial year after the new regulations come into force societies will be required to distribute 40% of net proceeds to authorised purposes (up from the current 37.12% minimum). By the end of the third financial year, the minimum percentage will be 41% and by the end of the fifth financial year, the minimum will be 42%.
You can read the Minister's media release here.
[Photo credit: Stacey Squires]
