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Wagering Tax Parity Legislation Introduced Into NSW Parliament
NSW Deputy Premier and Racing Minister Troy Grant yesterday introduced legislation to parliament that will give NSW wagering tax parity with Victoria in stages from January next year, reports the Daily Telegraph. Under existing arrangements, for every $100 bet on the TAB the NSW State Government takes $3.22, the highest share of any State Government in Australia. By comparison, the Victorian Government only takes $1.28. This inequity, which the legislation seeks to address, means the Victorian racing industry currently receives an extra $100 million per year than the NSW. The proposed legislation will give $235 million back to NSW racing over five years and an extra $90 million per year after that with full tax parity to be achieved by 2020. Mr Grant said tax parity was essential to the future prosperity of the sport. "Achieving racing tax parity with Victoria is crucial to securing the future of this multibillion-dollar industry that involves more than 90,000 employees, volunteers and participants," Mr Grant said. "This will create significant investment in regional tracks, apprenticeships and making the Championships the premier racing event in Australia. NSW racing was burdened by an unfair tax and we are unbridling it at last.''