Racing Taxation (Betting Tax) Amendment Act 1976 (NSW)

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ANNO VICESIMO QUINTO

ELIZABETHS II BEGINS

Act No. 80, 1976.

An Act to amend section 2 of the Racing Taxation (Betting Tax) Act, 1952, to reduce the rate of tax on bets. [Assented to, 2nd December, 1976.]

BE

Act No. 80, 1976.

Racing Taxation {Betting Tax) Amendment.

"DE it enacted by the Queen’s Most Excellent Majesty, by -D and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows:—

Short title. 1. This Act may be cited as the “Racing Taxation

(Betting Tax) Amendment Act, 1976”.

Amendment 2. The Racing Taxation (Betting Tax) Act, 1952, is

”9 1̂95?°* amended—

Sec. 2.	(a) (i) by omitting from section 2 (1 ) the matter
(Imposition

of tax.)

“subsection ( 2 ) ” and by inserting instead the

matter “subsections (2 ) and ( 3 ) ” ;

(ii)   by omitting from section 2 (1) the matter “1917-1952” and by inserting instead the matter “1917” ;

(iii)   by omitting from section 2(1) the words “in lieu of the tax imposed by the Racing Taxation (Betting Tax) Act, 1939,” ;

(iv)   by omitting from section 2 (1) the matter “1912-1951” and by inserting instead the matter “1912” ;

(b)

Act No. 80, 1976.

Racing Taxation {Betting Tax) Amendment.

(b) by inserting at the end of section 2 the following subsection :—

(3 ) In respect of a bet made on or after 1st January, 1977, relating to an event or contingency referred to in subsection (1 ) that is determined on or after that date, the rate of tax is, instead of the rate specified in subsection (2 ) , one and one- quarter per centum of the total amount of bets made by backers with any bookmaker.