Tasmania’s racing industry will be the big winner from the Point of Consumption Tax (PoCT) which commenced on 1 January this year.
Today’s announcement that 80% of the POCT revenue will be invested directly back into the industry, across all three racing codes including prize money, will be welcome news to Tasmania’s racing industry.
This will see the single largest revenue boost to the industry in recent history, with an additional $4 million per annum to be invested across all codes in areas including stakes, infrastructure and animal welfare.
This will give confidence to the industry to re-invest in its own future and to employ more people.
The tax has been set at a rate of 15 per cent of the net wagering revenue of betting companies. This rate is consistent with most other jurisdictions and there will also be a tax-free threshold of $150,000 in betting turnover.
The introduction of the POCT follows extensive consultation with key stakeholders, including the Tasmanian racing industry, major corporate bookmakers and peak industry bodies.
The Tasmanian Liberal Government is a strong supporter of our racing industry, which injects $103 million into our economy each year and supports 5,500 direct and indirect jobs.