Racing Taxation (Betting Tax) Amendment Act 1987 (NSW)

RACING TAXATION (BETTING TAX) AMENDMENT ACT

1987 No. 181

NEW SOUTH WALES

TABLE OF PROVISIONS

1. Short title

2.      Amendment of Act No. 19, 1952

RACING TAXATION {BETTING TAX) AMENDMENT ACT 1987 No.

181

NEW SOUTH WALES

Act No. 181, 1987

An Act to amend the Racing Taxation {Betting Tax) Act 1952 to reduce the tax levied on bets made with bookmakers. [Assented to 4 December 1987]

2   Act No. 181

Racing Taxation (Betting Tax) Amendment 1987

The Legislature of New South Wales enacts:

Short title

1. This Act may be cited as the Racing Taxation (Betting Tax)

Amendment Act 1987.

Amendment of Act No. 19, 1952

2. The Racing Taxation (Betting Tax) Act 1952 is amended—

(a) by omitting from section 2 (1) the matter “subsections (2) and (3)” and by inserting instead the matter “subsections (2), (3) and (4)”;

(b) by inserting after section 2 (3) the following subsection:

(4) In respect of a bet made on or after 1 January 1988, 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 (3), one per cent of the total amount of bets made by backers with any bookmaker.