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National’s promises for $1.6b racing industry include tax review

The National Party is promising a raft of proposals to support the racing industry if elected, including a review of how parts of the industry are taxed.

Leader Judith Collins made the announcement, while visiting the Hawke’s Bay Racing Centre in Hastings.

Collins said the racing industry employs more than 15,000 people directly and supports close to 60,000 indirect jobs.

“Racing contributes in excess of $1.6 billion a year to our economy and will be an important part of rebuilding our economy,” she said.

National is promising to repeal the Resource Management Act and replace it with legislation that enables better utilisation of existing racing assets and to support the industry to upgrade the country’s racing infrastructure.

It also wants racing events to be able to feature as part of its planned New Zealand Tourism Festival, which was announced yesterday.

The party has already proposed a primary sector visa, but it also wants to include the racing industry to enable access to international jockeys, stallion managers, stud staff and other industry personnel.

It is also promising to conduct a review of the tax treatment and depreciation rules around bloodstock and the racing sector to ensure they are fit for purpose.

This review will specifically consider:

Making the first three years of a new stallions servicing fees tax exempt, to encourage investment in new, high-quality stallions.

Options around the carry-over of expenses of fillies as they enter the breeding industry.

Consistent treatment of proportionate shareholdings so owners can claim the individual share of GST and depreciation expenses.

The policy also states the party would partner with the TAB, NZ On Air and the racing sector to explore options to promote New Zealand racing and breeding and recommence Trackside Radio.

National’s racing spokesperson Ian McKelvie said there is no reason why New Zealand’s racing industry cannot compete internationally and be recognised as world class.

“We have the best breeders, the best trainers, the best strappers, the best jockeys and the best supporters in the world.

“We want to ensure they’re operating in an industry that can set them up for success on the world stage,” he said. - NZ Racing Desk



 

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