Tabcorp has concluded legal proceedings and commended the Government of Queensland for “delivering fair and much needed” tax reform
Tabcorp reaches AU 150m settlement and welcomes Queensland reforms

Tabcorp has concluded effectual proceedings and commended the Government of Queensland for “delivering fair and much needed” revenue enhancement reform.

The operator has reached a conditional resolution with Racing Queensland, termination a three-year-long effectual contravention over the computation of fees payable past Tabcorp after a peak of economic consumption revenue enhancement (POCT) was introduced backward in 2018.

Tabcorp has agreed to pay Racing Queensland and the state’s governing a combined total of AU$150m (US$108m), contingent upon(p) upon the graduation exercise of reforms countersink onward by the Queensland Government earlier today.

The Australian state, headed past Premier Annastacia Palaszczuk, has announced wholesale reforms that testament significantly broaden POCT, otherwise known as betting tax, and step-up funding for horseracing.

According to the state’s Government, these reforms testament redeem “a advance to Queensland’s racing manufacture […] through and through a unexampled sustainable funding model.”

Changes include a 5% racing levy en masse that will follow added to the state’s betting tax, as advantageously as the comprehension of disengage and fillip bets. Moreover, the proportionality of betting tax revenue that goes directly to the racing industry testament follow increased from 35% to 80%.

“These changes tender the industry, and the 6,500 jobs it direct employs, greater certainty,” said Queensland’s Minister for Racing, Grace Grace.

“Providing longer full term funding certainty agency opportunities for increased treasure money, enhanced substructure and break grooming facilities – and the to a greater extent the industry grows, the more revenue it will receive.”

Since 2014, Racing Queensland has been reliant on an agreement with Tabcorp that will at present be “unwound” as parting of the young funding model.

“While Tabcorp testament noneffervescent offering on-course betting services and hold retail exclusivity,” said Grace, “its on-course ‘sponsorship and advertising’ exclusivity will destruction in one case these changes take effect.”

The manipulator welcomed these reforms, adding that it “will follow able to negotiate straight with clubs for any on-course advertising arrangements.”