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Bit Of A Yarn

Capital Gains Tax & Messara Report


MaltedMilkshake

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I’m interested to hear from learned yarners with their take on this issue. I’m reading this should be implemented by Taxinda in her term as PM.  Could this have been a trade off for monies need by WP to implement various recommendations in the Messara Report.

Of course, the major segment that will be hit by this will be the traders (which I’m not too sorry about) ...and I’m thinking why Messara didn’t protect this area when compiling the report.  

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they have indicated it is off the table but if it came in and you made a dollar on a horse you would be up for it(assuming you breached thresholds of course - they are not going to chase you for tax if you sold at a $1000 profit - might be different if you made $100000)

Not entirely sure what that has to do with the Messara report?

Edited by Reefton
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I think there are some parallels here...nowhere does JM mention a tax on exported horses that can go back to racing, .but when the CGT is implemented that will capture significant amounts, considering what horses to Asia/Australia are sold for...

I heard on radio (Jack Petley) that the kind of money Nicholas Bishara was offered for his Zed filly was in the region of $600,000....so that’s just the tip of the iceberg...

so I’m thinking why wouldn’t this have been ringfenced by JM in order to ensure these funds go back to racing...because as it now appears, these funds will go into general coffers for wastage on other Government expenditure...

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2 hours ago, MaltedMilkshake said:

That’s what I’m saying....why wouldn’t those CGT revenue been part of WP deal with the Govt?  At least for a few years...it would be the industry funds supporting the industry...?   The industry could then show the Govt it is a worthwhile and viable cause in which to invest...

You may as well forget about significant government assistance for the racing industry - they are not going to give racing dosh while they have nurses teachers and other public servants squealing for money.  Contrary to the rosy picture everyone seems to paint of Aussie racing there is an awful lot of Government assistance involved in the boom going on racing wise.  And when National inevitably get back in here they are going to have to tighten the belt considerably to get the economy sorted out again so no hope there either(and they are hardly going to have a sympathetic ear for Winston's cronies are they?)

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I have to agree...it was always my source of despair that this government would not put a cracker in when Taxinda has taken on, personally,  the portfolio of fixing child poverty....so that’s why I thought a few smart people (oxymoron, I know) could have traded of CGT from racing to fund necessary improvements....at least for a set period until industry could be self funding...

Yes, there are some real issues facing people in Victoria...lack of meetings, especially on Saturday, no one wants to race on the synthetics, the discrepancy in prize money between NSW & VIC ...is all about to hit the fan. Racing Vic operating costs are 45% higher than RAcing NSW... big industry players are now starting to speak up about the state of things...so here’s hoping there will be a change of Government down there by the end of the year and VIC can be competitive again...because as it currently stands, there is not a lot of incentive to race horses there.  

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2 minutes ago, Hedley said:

"no one want to race on the synthetics"....and we're getting THREE of them Lol

 

they're crap surfaces and i won't be betting on them ..many horses don't like them either

 

 

 

one suspects this whole thing could easily turn into a disaster.  Especially with the involvement of the idiots in Wellington and the idiots in Petone

However since they intend to rip my club off I will not have one ounce of sympathy

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10 minutes ago, Hedley said:

"no one want to race on the synthetics"....and we're getting THREE of them Lol

 

they're crap surfaces and i won't be betting on them ..many horses don't like them either

I think they might be a useful option for training and possibly jumpouts. Shouldn't be used for anything else though. Virtually all the ones installed in the US have been ripped out.

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1 hour ago, Hedley said:

Our Summer Sun will stuff them..mark my words ;)

That's why they have to be re-waxed and then fully replenished every few years. The worst part about it though is that when subjected to higher temperatures they generally become slower, their consistency changes, and injury rates increase from what I've read. I really don't understand where the bright idea to install three of them emerged from.

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6 hours ago, Hedley said:

"no one want to race on the synthetics"....and we're getting THREE of them Lol

 

they're crap surfaces and i won't be betting on them ..many horses don't like them either

 

 

 

The only trainer you can follow with confidence on the synthetics is HH & Dabernig...I think they must have the same kind of synthetic track at Lindsay Park....smart people 

 

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