Withholding on horse-race winnings: threshold for mandatory tax deduction increased, changing payer deduction obligations from the effective date.

The amendment raises the statutory threshold that triggers mandatory tax deduction on winnings from horse-race betting: a person responsible for paying such winnings must deduct income-tax at the rates in force where the payment exceeds the revised threshold. The Bill replaces the prior lower threshold with a higher threshold for the deduction requirement and makes this change effective from the commencement date specified in the Bill.

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