TRNT Backs Governments New Corporate Bookmaker Taxation Decision

Thoroughbred Racing NT has today backed the governments position on reforming the Territories 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.

The decision comes after changes to regulatory fee structures and tax regulations in states such as Tasmania to which have threatened the competiveness of the industry.

Thoroughbred Racing NT and Darwin Turf Club CEO Mr Des Friedrich says the decision is a show of confidence to the industry and what it represents to the Northern Territory.

"This will ensure the security of hundreds of jobs and maintain the support garnished by housing Corporate bookmakers in the territory which indirectly and directly benefits the industry and it's many stakeholders", Friedrich said.

"Furthermore we would like to congratulate the Government on being pro active in ensuring that the racing industry and the NT will not be affected". For further information contact:

Jamie Chadwick - Marketing & Communications Manager Darwin Racing - +61 8 8944 7500 or +61 412 968 830

Des Friedrich - Chief Executive Thoroughbred Racing NT - +61 8 8944 7500 or +61 402 301 527