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QUARTER MILLION!

GOVERNMENT TAXES

RACING CLUB'S YEAR

A sum of £238,214 was paid into the Consolidated Fund as Government taxation on the activities of the Auckland Racing Club during the 1944-45 season. This was revealed by Mr. O. Nicholson, president of the club, at the annual meeting of members this afternoon. Nevertheless, the club is now in' such a strong financial position that it could face with equanimity "the expenditure of the large sum involved in carrying out an extensive scheme of improvements as soon as conditions and the removal of national restrictions permitted. The club had had a record year from every standpoint, exceeding all anticipations. It was pleasing to record that the absence of a large number of servicemen in the Allied forces had not adversely affected the admission or totalisator returns. On the second day of the winter meeting the totalisator turnover had exceeded that of last Boxing Day, the sum of £252,099 bsing handled by the machine on that occasion.

The totalisator returns for the racing year had amounted to £1,843.790 10/, while a record sum of £76,000 had been paid out in stakes. The sum of £4954 18/ had been distributed in patriotic and charitable purposes. "You will be interested to learn of the heavy amount of taxation which is levied on the club and finds ■its way into the Dominion's Consolidated Fund," Mr. Nicholson continued. "In respect of the limited racing dates allotted for the season, the club has paid to the Government by way of such taxation the large sum of £238,214 Vi/2." The total was made up as follows: £ s d Totalisator tax 92,189 10 6 Dividend duty 80,662 10 0 Stakes tax 785 0 0 Amusement tax 3,843 19 0 Land tax 1,566 15 0 Income and excess profits tax 49,619 13 9 Social and National Security charges 9.571 411 238,214 13 2 Bar On Improvements War requirements and economic conditions (trading and otherwise) pervading over the last five years had been an absolute bar on a proposed scheme of extensive improvements to the club's property, Mr. Nicholson went on. Any essential works for which materials and labour had been available had been carried out. The committee had agreed upon a scheme of improvements which .would be put into operation as soon as conditions and the removal of national restrictions permitted. The settlement of details connected with the scheme naturally involved a great amount of careful consideration, as its planning and execution had to be of such a nature as to ensure that the requirements of the club's patrons for many years to come had been wisely and adequately provided for. The committee's scheme of operations would be based on that principle.

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Permanent link to this item

http://paperspast.natlib.govt.nz/newspapers/AS19450813.2.63

Bibliographic details

QUARTER MILLION!, Auckland Star, Volume LXXVI, Issue 190, 13 August 1945

Word Count
451

QUARTER MILLION! Auckland Star, Volume LXXVI, Issue 190, 13 August 1945

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