From 1 September 2013, an insurance levy of $30 will be deducted from horses placed first to fifth. The current practice of collecting $15 from all starters will cease.
Tasracing has resolved that an insurance levy of $30 for each of the first five placegetters, will be more efficient as:
- Less staff time will be required in maintaining stakes allocations and insurance levy amounts.
- It will reduce the possibility of human error when inputting and adjusting stake levels due to scratchings.
- It removes GST related inefficiencies.
The difference for owners of first to fifth placegetters in $3,000, $5,000 and $7,000 races will be minimal – it will vary between $11 less and $22 more.
An outcome of the change is $30 will be deducted from all starters in the 16 races worth more than $15,000.
The change will result in the method Tasracing applies to collecting insurance levies being similar to the method used for the thoroughbred code where $110 is deducted from all stakemoney payments as a contribution to the insurance premium.
Working on the basis that any change should result in close to the same prizemoney being available to the first five placegetters as currently applies, Tasracing has determined that the stakemoney allocations that will achieve this are 67% for first, 15% second, 10% third, 5% fourth and 3% fifth. The only changes are first is currently 67.5% and fifth is 2.5% of stakemoney.
The change will be effective from 1 September 2013
Please contact me if you require further details.
Kevin Neilson – Code Development Manager Harness
6212 9316 0418 309538