RQ hopeful on new tax distribution

Racing Queensland remains hopeful the state government will direct revenue from the new point of consumption tax to the racing industry.

Treasurer Jackie Trad announced in the Queensland budget on Tuesday that a point of consumption tax on bets made in the state would be set at a 15 per cent rate from October 1.

But there was no decision on where the money, a forecast $70 million in the first year, would be directed.

Wide sections of the racing industry have asked that all revenue from the tax go to the three codes.

Racing Queensland chief executive Brendan Parnell said RQ looked forward to engaging with the government to get the best result for the industry.

He said the decision to defer the introduction of the tax to October 1 provided an opportunity for RQ to further engage government on how the taxation revenue would best support Queensland racing.

“It’s encouraging to see the government is listening carefully to the issues raised by all industry stakeholders on how POC tax receipts on racing could be applied to sustain and grow racing,” he said.

“We believe that a tax on racing should be used to fund racing, as a tax on sport should be used to fund sport.”

The Queensland branch of the Australian Trainers Association has been vocal in its support of all money raised going to racing.

QATA secretary Cameron Partington said there was no doubt the unified voice of the industry had been helpful.