Otago club seeks additional rebate

Press, Volume CXIV, Issue 33601, 1 August 1974, Page 8

Otago club seeks additional rebate

f.V Z. Press Association) DUNEDIN. ( The Otago Racing Club I* to seek from the Government the rebate of duty provided for in *2 (3) Stamp Duties Amendment Act, 1947, the 2J per cent on the first *lOO,OBO j of each club's turnover at every meeting. At present all clubs receive; rebate on only the first day of racing. The Otago Racing Club for, instance received *2500 for the first meeting last season, but’ received nothing for the sub-, sequent eight meetings. Application of the rebate toi each day the club racys. would; provide the club with an' additional $20,000, which is. virtually the amount the club; expects to lose in the forth-'j coming season. . j The club's treasurer, Mr E. C.l, S. Falconer, stated at tlie'annual ’ ( meeting of the club that New . Zealand racing “was the highest;' taxed in the world.” 'n He said that the Government { received' an extra $60,683 from , the Otago Racing Club, and that ' taxes yielded an extra $2,599,542; for the Government for the; 1973-74 season from racing and trotting. f ( “Last \ ear I stated that the. club would need an infusion of:, real money to survive. We!, estimate that expenses this year I will increase by possibly up to *lO,OOO and we will be faced by h substantial necessary capital' l expenditure and equally neces- 1 , sary, and in fact mandatory (] repairs to our buildings, plant: > and facilities.'' said Mr Falconer.., In spite of having the best I, season for many years the chib , suffered a less of *16.854.

The T.A.B. distribution was disappointing. A sum of $34,600 was paid out on the 1972-73 season turnover, in which the club showed a substantial increase in off-course betting, but was less than the $35,584 received for the previous year. I •