TAX PARITY TO MAKE NSW THE PREMIER RACING STATE

MEMBER for Northern Tablelands Adam Marshall has welcomed news that tax rates on racing bets in NSW will be brought into line with Victoria’s to boost the industry’s competitiveness and make NSW the premier racing state.

 

Mr Marshall said the NSW Government’s take from each bet had always exceeded that of Victoria’s and Queensland’s.

 

“It is now more than double, with NSW taxing $3.22 per $100 wagered compared to just $1.28 in Victoria. Change was needed to ensure the racing industry thrived in NSW and was competitive with other states,” Mr Marshall said.

 

“The industry is worth $3.3 billion per year to NSW and employs almost 56,000 people – many of them in country NSW and we want to secure its future for the economy and the race-going public.

 

“Such an important industry needs to be able to compete on a level playing field, otherwise we’re sending jobs and investment interstate.”

 

Mr Marshall said the new racing tax scheme would begin on 1 January 2016 and involved a five-year step-down in the Government’s take on bets to reach parity with Victoria in 2019-20.

 

Year Totalizator tax rate Fixed odds tax rate Start of rate reduction Money back to industry Tax per $100 wagered
2014-15 19.11% 10.90% Current $0m $3.22
2015-16 17.68% 10.09% 1 January 2016 $10m $2.83
2016-17 14.58% 8.33% 1 January 2017 $25m $2.44
2017-18 12.03% 6.87% 1 January 2018 $45m $2.05
2018-19 9.32% 5.32% 1 January 2019 $70m $1.66
2019-20 7.6% 4.38% 1 January 2020 $85m $1.28

 

“Over this period, $235 million will return to industry across the state. This will be done in consultation with racing bodies to develop and sustain premier racing events, strengthen rural and regional clubs and grow apprenticeships,” Mr Marshall said.

 

“Investments will be made in line with each code’s strategic plan which is developed and agreed to by both government and industry.

 

“Money to be returned to the greyhound industry will be quarantined until there is an outcome of the special inquiry.”

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