Blood­stock tax changes in Bud­get

The Press - - Sport-Racing -

Min­is­ter for Rac­ing Win­ston Peters has an­nounced changes to blood­stock tax rules for the New Zealand rac­ing in­dus­try as part of Bud­get 2018.

‘‘Rac­ing is a sig­nif­i­cant in­dus­try in New Zealand and this mea­sure will pro­vide eco­nomic stim­u­lus to many parts of the coun­try,’’ he said.

‘‘The change will en­cour­age new in­vest­ment in the breed­ing in­dus­try to make it more fi­nan­cially at­trac­tive and in­crease the qual­ity of this coun­try’s rac­ing stocks.

‘‘The Bud­get al­lows $4.8 mil­lion over the next four years for tax de­duc­tions that can be claimed for the costs of high­qual­ity horses ac­quired with the in­ten­tion to breed.

‘‘The pre­vi­ous rules around tax write-downs did not serve their orig­i­nal pur­pose of pro­mot­ing new in­vest­ment, as they favoured es­tab­lished breed­ing busi­nesses rather than at­tract­ing new en­trants.

‘‘These changes mean that a new in­vestor in the breed­ing in­dus­try will be able to claim tax de­duc­tions for the costs of a horse as if they had an ex­ist­ing breed­ing busi­ness.

‘‘To qual­ify, the horse must be a stand­out year­ling.

‘‘I ex­pect the new rules will ap­ply to year­lings ac­quired from next year’s premier blood­stock sales.’’

RECORD BREAKERS Mean­while Cam­bridge train­ers Mur­ray Baker and An­drew Fors­man have gone to an­other level this sea­son.

They pro­duced Elec­trode for a con­vinc­ing vic­tory at Tauherenikau yes­ter­day to post their 115th suc­cess of 2017-18 and sur­pass the na­tional record they set last sea­son of 114 win­ners.

The pre­vi­ous best mark was the now Syd­ney-based John Sar­gent’s 111 tally in the 2012-13 sea­son.

Baker and Fors­man have won 16 Group or Listed races this term on their way to sta­ble stake earn­ings of more than $3.9 mil­lion.

NZ Rac­ing Desk

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