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TR 2008/2 | Legal database - ato.gov.au
https://www.ato.gov.au/law/view/document?docid=txr/tr20082/nat/ato/00001
Horse racing activities that are carried on as an integral part of a horse training and/or horse breeding business. 31. If a taxpayer conducts racing activities as an integral part of a horse training or breeding business, then the horse racing activities would constitute activities in the carrying on of that business. 32.
Can a Racehorse Beat the ATO? | Tax Strategies
https://taxfitness.com.au/Tax-Strategies/owning-a-racehorse
Generally, it is difficult to demonstrate to the ATO that you have a racing business unless it is associated with breeding or training activities and is of significant scale. The tax benefits of owning a racehorse (s) as a hobby include: All winnings are not taxable. Non-residents are not taxed on any capital gains made.
Horse Racing Business
http://www.horseracingbusiness.com/
Horse Racing Business AN IMPROBABLE AND HEARTWARMING KENTUCKY DERBY STORY FOR THE AGES May 8, 2022 by Bill Shanklin Leave a Comment Thinking back over the sports events I’ve been privileged to see in person or on television, six come to mind as monumental upsets, without hyperbole. They are not even arguable:
ATO Still has Racehorses In Its Sights – Racehorse Ownership
https://racehorseownership.com/2019/08/30/ato-still-has-racehorses-in-its-sights/
Per the latest ATO release, this has not changed. Data will be sought from the above insurers for racehorses insured for greater than $65,000. In relation to individual racehorse owners, the ATO will be seeking: Given and surname (s) (if more than one name on the policy) Date of birth (s) Addresses (residential, postal, other)
ATO Horses - Home - Facebook
https://www.facebook.com/Atohorses/
Horse Breeding, Training, Rehabilitation, Rescue Temecula, CA
Sporting organisations | Australian Taxation Office
https://www.ato.gov.au/Non-profit/Your-organisation/Do-you-have-to-pay-income-tax-/Types-of-income-tax-exempt-organisations/Sporting-organisations/
Animal racing The income tax exemption includes horse racing, trotting and greyhound racing, and the racing of other animals. See also: If your organisation does not meet all the requirements for exemption for this category, you should check the other exemption categories in the Types of income tax exempt organisations.
How to Start a Horse Racing Business - Bizfluent
https://bizfluent.com/13641956/how-to-start-a-horse-racing-business
Horse racing is serious business. The industry is worth an estimated $40 billion in the United States alone, and the global popularity of the sport is even larger. This results in large payoffs for the few who are lucky enough to produce a champion.
Tax Benefits of Owning a Racehorse - Bloodstock.com.au
https://www.bloodstock.com.au/news/story.php?id=1751
The current ATO horse industry tax ruling indicates that it is now easier for horse racing activities to be accepted as a “business” if they are integrated with a breeding activity also being conducted. Generally speaking, it is difficult to demonstrate a racing business with the ATO unless it is associated with breeding or training activities.
How to Build a Profitable Horse Racing Business - BK …
https://bkreader.com/2020/01/23/how-to-build-a-profitable-horse-racing-business/
Get a License. When you successfully get a horse racing property to start your racing business, the second thing you must consider is getting the license. It will ensure the legality of your business and that you are paying the right taxes. The permits are available and can be applied through the state racing commission.
GST for the racing industry - E-quine
https://www.e-quine.com.au/assets/ATO%20GST%20Racing%20Industry.pdf
drivers, trainers and breeders of racing animals need to do to meet their goods and services tax (GST) obligations. This guide supplements GST for small business (NAT 3014). MORE INFORMATION Visit www.ato.gov.au To fi nd any of the rulings referred to in this guide visit www.ato.gov.au and select Rulings, law and objections – Public Rulings.
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