Date Change for National Broodmare Sale
16 March 2006
Following New Zealand Minister for Racing, Rt Hon. Winston Peters', announcement that critical tax changes to the thoroughbred industry will take effect on 1 August, New Zealand Bloodstock has decided to re-schedule the National Broodmare Sale to take advantage of the revised legislation.
Last week, Mr Peters announced a decrease in the maximum write-down period for broodmares from 8 years to 5 years (or 6 years for those few broodmares that commence breeding at age 2), plus broodmares that commence breeding at age 8 and over will be written-off in full in the first year of breeding.
New Zealand Bloodstock General Manager, Andrew Seabrook, commented, "We are thrilled to hear of the imminent changes proposed by Mr Peters to the current tax and depreciation regime. By making it immediately more attractive to purchase bloodstock, these changes will have a profound effect on the viability of our industry going forwards, and provide a timely injection of confidence into our racing and breeding industries."
"With the new regime due to come into effect on 1 August, any broodmare purchased before that date would be subject to the old legislation for the life of the mare. We have therefore decided to move the sale back by two weeks to give breeders the opportunity to start benefitting immediately."
The New Zealand Bloodstock National Broodmare Sale (previously scheduled for 23 & 24 July) will now be conducted at Karaka on Sunday 6 & Monday 7 August 2006. Entries will close on 26 May 2006.