Are you running a thoroughbred business and claiming GST but don’t have a business plan? If so, then you may be in trouble. The ATO is cracking down on the horse industry, so it has never been more important to have a business plan than now.

Should you require taxation advice or business consulting, Alexanders is Sheriff Iskander’s accounting practice, and can provide you with the best industry specific business and taxation advice available.

The following Taxation Ruling refers to various income tax issues relating to the horse industry, especially breeding and racing. Sheriff Iskander has participated in the consultation process of this ruling and would advise that it is a must-read for all industry members.

Taxation Ruling TR 2008/2

Income Tax issues relating to the horse industry; including whether racing, training and breeding activities amount to the carrying on of a business.

GST for the racing industry

This guide explains what owners, lessees, jockeys, drivers, trainers and breeders of racing animals need to do to meet their goods and services tax (GST) obligations.