Budget may provide for tax relief

Press, 19 July 1976, Page 4

Budget may provide for tax relief

Special correspondent Hamilton An announcement on financial relief for trotting can be expected in the Budget, according to the president (Mr G. C. Cruickshank) in his address to the annual meeting of the New Zealand Trotting Conference in Hamilton. He pointed out that, because of escalating costs, many clubs would finish the current season in a critical financial position. Another consideration when making submissions for taxation relief had been the cost of the installation of a computer by the Totalisator Agency Board. The financing of that would have an adverse effect on the board’s distribution to clubs for some years, he said. The assistance being sought from the Government

(included a change in thel 'basis of tax rebate from I $2500 a club to $2500 for, ieach race day, an increase of 0.5 per cent in the deduc-j j tions from off-course betting j ito offset the cost of the installation of the computer, : and a similar increase in the deductions from on-course betting to help cover increased costs. “The changes requested are less than the annual increase in revenue the Government receives from the racing industry, so at no stage is the Government racing revenue likely to fall in total," said Mr Cruickshank. Other points from Mr Cruickshank’s annual address were:— Grading System. — Mr Cruickshank reviewed the system of qualifying maiden pacers, saying that the system was at present under review. “Today there is little room for the mediocre horse and whatever system is in vogue, it must operate in an endeavour to ensure the promotion of the better-class horse,” he said. T.A.B. — Turnover of the Totalisator Agency Board was expected to exceed s2l3m, an increase of more than 26 per cent over the previous season. The total on trotting meetings was expected to reach s64m, an increase of 33 per cent. Betting or trotting meetings would be 30 per cent of the off-course total, an increase over the 27 per cent of 1972 and 28.6 in 1974-75. Computerisation. — The growth of trotting was putting great pressure on the conference’s administrative officers and the conversion to a computerised system seemed inevitable. The cost of a complete change to computer would be immense and it had been decided to Weight-lifting. — The Soviet weight-lifter, Sergei Pevzner, has lifted 315 kg in two attempts in Odessa to set a new world record in the 67.5 kg class. He broke the previous record of 312.5 kg set by another Soviet lifter, Mukharbi Kirzhlnov, in 1972 at the Munich Olympic Games.

introduce the scheme In a limited way, with the provision for extensions. All horse documents are to be recorded on microfilm, which will result in a reduction of 90 per cent in storage requirements.

Permits. — Current applications for new totalisator permits total 62 and these had been forwarded to the Racing Authority for consideration and recommendation to the Minister of Internal Affairs. The conference sought 60 permits in 1970 because of the great growth of trotting, and since then they had received two allocations, totalling about half of the original application. Those allocations had been readily absorbed and extra permits were required urgently to keep up with the progress and popularity of trotting.