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NSW To Get Tax Parity With VIC

Wednesday, 17th June 2015

Tax rates on racing bets in New South Wales will finally be brought into line with Victoria to help secure the industry's future and boost its competitiveness. The NSW Government's take from each bet has 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. Deputy Premier and Minister for Racing Troy Grant is expected to meet with Racing NSW and Harness Racing NSW officials this week to discuss how revenue from a tax parity model will be distributed. He said the change was necessary to ensure the racing industry continued to prosper in NSW and was competitive with other states. "The industry is worth $3.3 billion per year to NSW and employs almost 56,000 people - we want to secure its future for the economy and the race-going public," Mr Grant said. "Such an important industry needs to be able to compete on a level playing field, otherwise we're sending jobs and investment interstate." The new racing tax scheme begins on 1 January 2016 and will involve a gradual 5-year transition until parity is reached with Victoria in 2019-20. Click here to view the new racing tax scheme.

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