Turf club pushing for return on tax
THE Townsville Turf Club along with Racing Queensland says money from any gambling tax should go back to racing. In Tuesday’s State Budget it was revealed the Government would introduce a 15 per cent point of consumption tax on betting operators. However, the tax will begin until October 1. The Budget papers say the revised date will allow for the industry to prepare for the not new tax. “The betting tax will be implemented in line with other states and territories including South Australia, Victoria, and the Australian Capital Territory,” the budget reads.
“As such, the tax will apply to the net wagering revenue of betting operators licensed in Australia from bets placed by customers in Queensland.”
Modelling has the tax delivering the State Government a tick over $ 70 million in 2018- 19, increasing to $ 101 million by 2021- 22.
In an open letter, which includes the Townsville Turf Club’s logo, to Treasurer Jackie Trad and Racing Minister Stirling Hinchliffe that appeared in The Courier Mail last week, the racing industry urged the State Government to put the money from the tax back into the industry. “The key source of revenue to fund racing is wagering and the State Government’s decision to introduce a point of consumption tax on wagering is the opportunity to address challenges facing the industry,” the letter read.
Racing Queensland chief executive officer Brendan Parnell said it was encouraging to see the State Government was listening to the issues raised by all stakeholders on how point of consumption tax receipts on racing could be applied to sustain and grow the industry.
“We believe that a tax on racing should be used to fund racing, as a tax on sport should be used to fund sport,” he said.
“Racing Queensland looks forward to continuing to work with the Racing Minister and Treasurer on this critical issue.”
Besides the new tax on betting, the State Government said there was increased funding of $ 55.4 million over four years to support country racing in the State Budget.
“Country racing is an essential part of the social fabric of many regional communities in Queensland – and it also helps to sustain local jobs and local economies,” Mr Hinchliffe said.
“Race meets provide stimulus to many local businesses and workers – farriers, caterers, dressmakers, publicans and others,” he said.
Townsville Turf Club president Malcolm Petrofski said he would have to look at the details more, but he believed the funding was not necessarily a new announcement.