In November 2015, the NSW Parliament passed legislation that reduces wagering tax rates, which will deliver additional funding to the NSW racing industry. These changes will help to secure the industry’s ongoing sustainability and allow it to compete more effectively with other states.
The tax rates for totalizator and fixed odds wagering will be reduced over the course of five years, commencing 1 July 2015. By 1 July 2020, the tax rates will be equal to those in Victoria. The NSW TAB must give back all of the additional funds generated by the reduced tax rates to the racing industry.
The reforms will deliver an additional $260 million to the industry over the next five years and at least $90 million each year after that. This funding will help the industry to undertake important development initiatives, from sustaining premier racing events such as ‘The Championships’, to supporting rural and regional racing.
Additional funds due to Greyhound Racing NSW are to be held in trust until the current Special Commission of Inquiry into Greyhound Racing in NSW is complete, and the NSW Government’s response to that inquiry is finalised.