South Australian horse racing to receive double the tax returns going forward
In a significant development for the thoroughbred racing industry in South Australia, the state government has announced its decision to double the return of betting operations tax revenue to the sector.
The three racing codes in the state, namely Racing South Australia (RSA), Greyhound Racing South Australia (GRSA), and Harness Racing South Australia (HRSA), have been informed of the government’s decision to increase the tax revenue return from the existing 10% to 20%.
This move is expected to have a positive impact on the racing industry in the state, which has been facing financial challenges due to the COVID-19 pandemic.
Starting from July 1 2023, a new funding model will be implemented and will be in effect for a period of four years.
Similar to the existing model, the allocation of funding will be divided among the codes in proportion to their respective market shares.
The South Australian racing industry has been propelled to national competitiveness by the relentless efforts of the three codes.
A crucial element in achieving this feat is the return of tax income generated by horse betting on horse racing.
The state government’s decision to increase support for the industry has been warmly received by those involved, who view it as a positive development that recognises the industry’s importance as a major employer and economic contributor to the state.
The organisation expressed eagerness to showcase the potential of the recent government funding increase.
They believe that the investment will yield significant benefits for the state, which will enable them to advocate for more funding in the future.