In today's Rowe On Monday column, Tim Rowe reports on an interesting bloodstock industry development in the US, checks out the latest weanling market moves on the Gold Coast and reveals an impressive statistic for Newington Farm.
Trump’s tax breaks for thoroughbred owners
Forty years ago, the late Australian Prime Minister Bob Hawke helped drive investment in the thoroughbred industry by providing breeders with tax breaks on the purchase of breeding stock.
Championed as a Labor leader for the working class who liked a drink and a punt, Hawke in 1985 increased the allowable tax deduction on breeding stock to 50 per cent for stallions and 33 per cent for broodmares.
Those deductions were later slashed in half under then Treasurer John Dawkins in the Keating Labor government in 1992, a move condemned at the time by industry figures as potentially stymieing the market, after the significant tax breaks had been credited with helping improve the Australian thoroughbred.
By 1994, with the importation of overseas bloodlines both in terms of stallions and broodmares over the previous decade, Inglis conducted a record Easter sale. Twenty-five per cent of the investment at that year’s Easter sale came from overseas buyers.
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