New Bill to keep Territory's racing industry competitive
Source: NT. The Treasurer
"Legislation introduced to the Northern Territory Parliament will help the Territory's corporate bookmaker industry to remain competitive with other jurisdictions. Treasurer Delia Lawrie introduced the Racing and Betting Amendment Bill 2009 which aims to reform the Territory's bookmakers' turnover tax regime.
The Bill proposes to introduce a new profits-based taxation scheme starting on 1 January 2010 that requires bookmakers to pay 10 per cent of their monthly gross profits, capped at $250 000 per financial year. The cap will be $125 000 for the remaining six months of the 2009-10 financial year. "While these measures will reduce tax revenue, on balance, inaction would have seen many corporate bookmakers leaving the Territory, costing jobs and would have severely impacted the local racing industry," Ms Lawrie said."