Pursuant to the Racing Act 1971 and its subsequent amendments, the New Zealand Racing Industry Board on 2 September 2002, resolved to approve the changes to betting deductions, effective 1 January 2003, as set out in the following table:
Win Place Quinella Double Trifecta Treble Pick 6/
6 Pack
TAB commission 10.972 10.972 14.864 14.864 17.598 17.598 18.039
On-course development levy - - - - - - -
Stakes 0.025 0.025 0.035 0.035 0.090 0.090 0.450
Amenity 0.025 0.025 0.035 0.035 0.090 0.090 -
Total levies 0.050 0.050 0.070 0.070 0.180 0.180 0.450
Total industry 11.022 11.022 14.934 14.934 17.778 17.778 18.489
Tote duty 2.756 2.756 3.733 3.733 4.444 4.444 4.622
Deduction (excluding G.S.T.) 13.778 13.778 18.667 18.667 22.222 22.222 23.111
G.S.T. (12.5%) 1.722 1.722 2.333 2.333 2.778 2.778 2.889
Total deduction (i.e. betting profit) 15.500 15.500 21.000 21.000 25.000 25.000 26.000
Dividends 84.500 84.500 79.000 79.000 75.000 75.000 74.000
JIM LEACH, Acting Chief Executive, New Zealand Racing Industry Board.