Sunday 22. November, 2015

NSW To Amend Wagering Taxes

The NSW Parliament will be amending its wagering taxes to bring the rates more in line with those in Victoria. The announcement has been welcomed by hunter breeders as it is expected to inject $235 million into the racing industry over the course of five years.

Currently, the NSW government collects $3.22 from every $100 wagered on the TAB, compared to the $1.28 that the Victorian government collects.

The Upper Hunter racing industry has announced that the tax cut will allow the industry to increase prize money and according to John Messara, Chair of Racing NSW and Upper Hunter stud owner it is a move that will likely encourage overseas trainers, from countries such as New Zealand and South Africa, to move to NSW.

“They’re two overseas markets where they’re not nearly as fortunate as we are in terms of prize money,” Messara said. “I think New South Wales can become the number one jurisdiction in terms of returns to participants in the world other than Hong Kong and Japan.”

Thoroughbred racing alone is expecting to see an additional $70 million over a five year period, with the reductions phased in over a period of a few years. Country racing will benefit from this boost, making a big impact on how they operate. According to Mr Messara, it will underpin the championships that are held in the Autumn at Randwick.

“Achieving racing tax parity with Victoria is crucial to securing the future of this multi-billion dollar industry that involves more than 90,000 employees, volunteers and participants,” stated Troy Grant, NSW Deputy Premier and Minister for Racing.

“With $235 million over the next five years, there will be significant investment in regional racetracks, apprenticeships and making The Championship the premier racing event in Australia.”


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