FROM THE PRESIDENT’S DESK

With the year currently “racing away” from us, I thought I would use this opportunity to remind members about our flagship event, and the NSW Racing Industry's Night of Nights, Racing’s Night of Champions.

Racing’s Night of Champions will return to the Grand Pavilion at Rosehill Gardens this year on 12 August 2010. As you may be aware, Racing’s Night of Champions is in aid of Redkite who support children and their families through cancer.

With the theme of “Celebrating 200 Years of Racing” guests will be treated to some fantastic moments in racing’s long and proud history. In addition, Mr David Campbell, one of Australia’s favourite cabaret and Broadway performers, will be the feature artist for the evening.

Remember save the date, 12 August 2010.

HURRY, LAST CHANCE TO SCORE YOUR TEAMS FOOTY JERSEY*

Don’t miss out on this great members offer! As it’s major sponsor, Luxbet is offering all NSWROA members their teams footy jersey as a gift with your first deposit! Simply make your very first deposit of $150 (min) into your Luxbet account and you'll receive a bonus 2010 jersey or guernsey of your favourite Australian Rugby League, Rugby Union or Aussie Rules team, valued up to $179.00 RRP. But hurry, this offer ends midnight this Sunday May 16. Conditions apply, Click here for details.

And don’t forget CLUBXTRA! Exclusive to owners and trainers, CLUBXTRA rewards you with an EXTRA 12% win dividend* on top of Luxbet’s premium odds when you bet on a horse you own or train. That’s means you can take advantage of Luxbet’s highest price guarantee bet options BEST OF THE BEST (Top Fluc or Best Tote) and LUXDIV (Starting Price or Best Tote) PLUS pocket an extra 12% on your winnings! To take advantage of the ClubXtra 12% bonus, you need to be a Luxbet.com account holder. Visit Luxbet.com for details on how to register your horses with ClubXtra.

To open a Luxbet account visit www.luxbet.com or call the friendly call centre staff on 1300 LUXBET (1300 589 238).

*Conditions apply, see Luxbet.com for details. Think! About your choices. Call your state based Gambling Help services on 1800 858 858. In NSW call Gambling Help on 1800 858 858 or visit www.gamblinghelp.nsw.gov.au In WA visit www.gamblinghelponline.org.au Gamble responsibly.

SYDNEY CUP DAY LUNCHEON

I am very pleased to advise that our annual Sydney Cup Day Luncheon, which was held on 24 April 2010, was another great success with members and guests flocking to Royal Randwick for our regular sojourn.

Our Master of Ceremonies for the function was Network Ten & TVN Presenter Frank Coletta, who did a masterful job keeping everyone updated and entertained and we extend our sincere thanks to him.

 

NSWROA President Ray McDowell
welcomes guests to the function

 

Master of Ceremonies – Mr Frank Coletta

The function this year commenced with pre-luncheon drinks in the Kingston Town Room before moving into the Vista Room for a sumptuous buffet luncheon. At this point I would like to extend our thanks to the wonderful Roger Brassington from the AJC Convention Centre for all his help with the function. Those of you who have booked a function with the AJC will know what I mean when I say nothing is too much trouble for this gentlemen. I would also like to thank all the staff “on duty” that day - their service and assistance was great.

As members would be aware, the Sydney Cup Day Luncheon has various competitions being held throughout the day including the Best Hat, Best Tie and of course the very popular Tipping Competition. This year’s event also had the inaugural presentation of the Most Elegant Woman award. Sponsored by Sharon Lenton Events, this award was taken out by NSWROA member Louise Ward who was presented with a gift bag with a lovely assortment of goodies.

Catherine Kelly from Embellish Atelier, another of our wonderful supporters, kindly adjudicated on The Best Hat Competition and what a fantastic job she did. The winner of this competition was regular Sydney Cup Day Luncheon attendee and NSWROA member Jane Pitman.

 

(L) Louise Ward – winner of the Most Elegant Woman Award with sponsor Sharon Lenton

 

Catherine Kelly (right) with Jane Pitman – the winner of the Best Hat Competition

Rounding off the “The Best Of Competitions” was the Best Tie category with Redkite National Event and Community Fundraising Manager, Kelly McLean taking on the very hard task of selecting the winner of this competition. In a very closely contested event indeed the award was given to Mr Tsutomu Sekiguchi of the Japan Racing Association.

But without a doubt the most popular competition on the day was the Tipping Competition. To assist the vast array of guests, we were most fortunate to obtain the services of Stephen Brassel, Tony Brassel, Ken Callander, Henry Noonan and Max Presnell as our Guest Tipsters for the afternoon. Henry Noonan was also kind enough to provide bookmaking services for the function.

 

Frank Coletta (left) with Tsutomu Sekiguchi – the winner of the Best Tie Competition

 

Ken Callander gives “the good oil” to guests

Our thanks to all the gentlemen and congratulations to Mrs Ann Vouris, the winner of the competition, who kindly donated her prize to the Association’s Charity of Choice - Redkite. Mrs Vouris, on behalf of Redkite picked Ego’s Dare (who was, incidentally, Ken Callander’s Best Bet of the Day) in the last race who duly saluted for Redkite and recorded their third success in as many years from this competition.

 

Ann Vouris, the winner of the Tipping Competition with Ray McDowell

 

(R) The Hon Kevin Greene, MP and Mrs Greene

Speaking of winners, NSWROA members had an incredible day at Randwick on 24 April, recording six of the eight winners on the day including three Group One wins (Hot Danish, Road To Rock & Skilled), a Group Two win (Sacred Choice), a Group 3 win (Dariana) and a Listed Race success (Happy Hippy). Congratulations to all.

Hereunder are a few “happy snaps” from the day. A pictorial from the day will appear on the website shortly.

 

Luncheon Guests (L-R) Elisha Toole, Brooke Chicktong & Kate Whitby

 

Kevin & Jenny Moses and guests

     
 

Michael & Robyn Kissane

 

Jane & Dennis Pitman

45TH ANNUAL GENERAL MEETING

A reminder notice to members that the forty-fifth Annual General Meeting of the NSW Racehorse Owners Association Limited (ACN 000 498 859) will be held at The Rugby Club, Rugby Place, Off 31A Pitt Street, Sydney, 1st Floor
– Waratah Room on 17 May 2010 at 6.00 pm.

ESCAPE THE NEW HORSE LOSS RULES!

Well, what a joy to finally pass on some good news re the new horse loss rules for high income earners.

No, they haven’t gone away, unfortunately, but there can be a legitimate way to avoid them if your employer co-operates.

These loss rules are part of what is known in the tax world as the “Non-Commercial Loss (“NCL”) rules.

For the uninitiated, individuals (or partners who are individuals) whose adjusted taxable income (“ATI”) exceeds $250,000 will have to quarantine and carry forward this loss unless a successful private ruling is lodged with the ATO. No longer can they refer to other ATO rules as to whether a loss can be deducted. These rules operate from 1 July 2009.

The ATI includes the sum of:
• Taxable income for that year (e.g. wages less work related deductions);
• Reportable employer superannuation contributions (“RESCs”) for that year;
• Total net investment losses for that year; and
• Reportable fringe benefits for that year.

In effect, many high income earners will be forced to seek the ATO’s approval before any loss can be claimed from a business activity (e.g. breeders/owners, wine makers, pastoralists etc) on or after 1 July 2009, i.e. this tax year onwards. In tax speak, the “Commissioner’s discretion” is required for the tax loss to be deductible.

TAX TIP - Employer reimbursement of horse business expenses

An employee who is also carrying on a horse loss-making business can avoid these new NCL rules by having their employer reimburses their horse business expenses under an effective salary sacrifice agreement.

The “employer” can also be a family company that pays significant wages to family members, i.e. your typical “Mum and Dad” company.

The ideal scenario is where the employee has their employer reimburse the entire amount of their business expenses under a salary sacrifice agreement. In these circumstances, the employee effectively obtains the benefit of a deduction and, in addition, the NCL rules have no application because the business is no longer in losses (i.e. as all the expenses have been reimbursed by the employer). There are a number of pertinent points to note in relation to this strategy, as follows:

1. The ATO has confirmed that, where an employer reimburses an employee's business expenses under an effective salary sacrifice agreement, the reimbursement will not be subject to FBT.

This is because the taxable value of each reimbursement will be reduced to nil under the 'otherwise deductible' rule (i.e. the 'otherwise deductible' rules basically applies where the employee would have been entitled to a deduction under the Tax Act had the expenses not been reimbursed by the employer). This is the case notwithstanding the taxpayer's business loss would otherwise be quarantined under the NCL rules.

2. The employee will basically end up salary packaging the GST-exclusive cost of the horse business expenses, assuming the employer is entitled to a GST input tax credit in respect of the reimbursement under the GST Act. Note, however, that any business expenses reimbursed by the employer are not also be deductible to the employee (i.e. there is no 'double dip' available).

Note also that expenses that are reimbursed under a salary sacrifice agreement are not “reportable fringe benefits”. This is important where an employee is unable to avoid the NCL rules by salary sacrificing all their business expenses (or at least sufficient business expenses to convert the loss-making business into a profitable one) and is not able to satisfy the NCL rules because of the new “$250,000 income” test.

Specifically, when a taxpayer is calculating ATI for the purposes of assessing whether the $250,000 income test is satisfied, any reimbursed expenses are not required to be added back. Therefore, an employee should there consider salary sacrificing sufficient business expenses to satisfy the income test.

In these circumstance, if the business activity has incurred a loss (i.e. after adjusting for reimbursed expenses), the loss is deductible against the taxpayer's other income, provided one of the four "objective" NCL rules are met.

This strategy is complex and hopefully the example below will make the strategy clearer.

Example – reduce ATI to under $250,000 and avoid new loss rules

Bert is a high income earner working for a leading investment bank. His salary is $450,000 p.a. For the purposes of this example, his ATI is the same figure.

Bert is also a keen horse breeder and has bred commercially for many years. For the 2010 tax year, his horse sales income was only $60,000, however his expenses were $220,000, thus his horse tax loss for 2010 is $160,000 ($60,000 income less $220,000 expenses).

Under the new NCL rules, Bert could only claim this $160,000 loss immediately if he successfully applies to the ATO for a private ruling, such ruling having to demonstrate that his horse activity has long term “commercial viability”. This is so as Bert’s ATI is $450,000, i.e. in excess of $250,000.

So, how can Bert still “claim” his horse expenses for 2010?

Bert would approach his employer and ask that all of his $220,000 of horse expenses be paid directly by his employer under a “salary sacrifice” arrangement. Accordingly, his salary income is reduced to $230,000 ($450,000 less $220,000) and he no longer has to meet the new NCL income tests. How do we prove he is in the same tax position as if he’d been able to claim his $160,000 loss against his salary? See calculations below.

Non-packaging (paying $220,000 of horse expenses from "own pocket")

Salary
$ 450,000.00
   
 
   
Less: Horse tax loss
$ (160,000.00)
  $60,000 sales less
$220,000 business expenses
 
   
Taxable income after horse loss
$ 290,000.00
   
 
   
Less: Tax on $290,000 (excl M Levy)
$ 105,350
   
 
   
After tax position
$ 184,650
   
       

Packaging $220,000 horse "business costs" with employer

Salary
$ 230,000
  $450,000 less $220,000
horse expenses
 
   
Add: Horse business sales income only
$ 60,000
   
 
   
Taxable income after adding horse income only
$ 290,000
   
 
   
Less: Tax on $290,000 (excl. M Levy)
$ 105,350
   
 
   
FBT cost
$ -
  no FBT applies
 
   
After tax position
$ 184,650
   
       

Notes

1. In example 2, the employer is paying for Bert's $220,000 of horse costs via a valid "Salary Sacrifice"
arrangement. His salary is reduced to $230,000 to fund this.

2. As employer has paid all of the business expenses in example 2, the business "P&L" of Bert will
only disclose the $60,000 of sales income.

3. There is no FBT payable on this salary sacrifice arrangement, thus Bert is in the same after tax-position as if he had fully funded the $220,000 of horse business expenses.

4. Due to Bert's packaged salary being only $230,000, he need not consider the new loss rules as
his ATI is less than $250,000 and a "profit" has been derived on his horse business, i.e. $60,000.

5. If the packaging arrangement had still resulted in a loss being derived by Bert, i.e. the employer
wasn't able to package sufficient horse expenses, the loss is still deductible against Bert's salary
income, provided one of the four "objective" NCL tests are met. These "objective tests" are far easier
to meet and reliance on a successful (and costly) ATO ruling is not required.

6. An individual partner in a partnership can also take advantage of this arrangement, but only his/her
share of the business expenses can be packaged.

You are welcome to contact me if you wish me to clarify or expand upon any of the matters raised in this release.

Prepared by:

PAUL CARRAZZO CPA
CARRAZZO CONSULTING CPAs

22 BLACKWOOD ST, NORTH MELBOURNE VIC 3051
TEL: (03) 9329 7044
FAX: (03) 9329 8355
MOB: (0417) 549 347
E-mail: paul.carrazzo@carrazzo.com.au
Web Site: www.carrazzo.com.au

DISCLAIMER: Any reader intending to apply the information in this article to practical circumstances should independently verify their interpretation and the information’s applicability to their particular circumstances with an accountant specialising in this area.

WINNERS ARE GRINNERS

A WINNER – there are no better words for an owner to hear!

As members are aware, as part of our membership renewal process, NSWROA requested members to forward the names of their racehorses in order for us to acknowledge their racing triumphs in our publications.

By popular demand, this feature has been “upgraded” for the 2009/2010 racing season. Accordingly, hereunder are the lucky NSWROA members who had winners in April 2010:

 
Owner Meeting Horse
G Altomonte Kembla Gunbarrel
Ms H Ayres Canterbury Vilakazi Street
C Battese Canterbury Chula Vista
N Blizard Canterbury Legsman (NZ)
R Bramich Holbrook Larrikin Joe
T Burke Scone Dance Till Eight
C & Mrs M Conners Canterbury No Hesitation
Cessnock The Joker
F Cook Hawkesbury Garland Girl
J R Cribb Canterbury Sir Nick
Newcastle Circle of Fame
Mrs B Cummings Canterbury Chula Vista
Randwick Road To Rock
A E Curtis Randwick Hot Danish
R & S Dickerson Goulburn Goodfeeling
P Duggan Gosford (2) Domidor
Unsolved
H Dyball Hawkesbury Home On A Wing
Randwick Road To Rock
M & Mrs E Frankel Wagga Spinalong
G Fraser  Canterbury Vilakazi Street
Kembla Perfect Rhythm
Randwick Sacred Choice
Mrs K Fraser Canterbury Vilakazi Street
F Galluzzo Nowra Commandette
Gooree Pastoral Co Gosford Essence of Time
Rosehill Swift Alliance
D C Hall Kembla Gold World
G Harvey Grafton Perfect Swindle
Hawkesbury Garland Girl
Morphettville Tagus
R & Mrs S Hickey Albury Thunderbolt Girl
Gundagai Leica Larrikin
Wagga Leica Larrikin
A Higgins Orange Angel of Hope
B J Hudson & Mrs L Amitrano-Hudson Nowra Onyegin
J Janiak Bowraville Moveover Target
Mrs C Jeffery Canterbury Vilakazi Street
D Jeffery Canterbury Vilakazi Street
R Lapointe Hawkesbury Hello Mister
Laurel Oak Bloodstock Canterbury Vilakazi Street
M & Mrs J Lee Wyong Watson
R K Lees Ballina Special Savings
Murwillumbah Special Savings
R K Lees & L Hoyle Ballina Yass River (NZ)
Bowraville Eye Might (NZ)
Lismore Peterswood (NZ)
His Excellency Nasser Lootah Taree Rehaab
L Macri Canterbury Upon This Rock
B McHugh Scone Dance Till Eight
J Middleton Queanbeyan Magic Merlot
L Mihalyka Canterbury Vilakazi Street
N Moraitis, AM Grafton Wise and Wary
Hawkesbury Bohemian Spirit
R L Moses Gosford To Bow
A J Moulding Grafton Danes Bullet
Port Macquarie Danes Bullett
J A Munro Canberra Chosen Time
Dato Tan Chin Nam Canterbury Yaqubi
Randwick (2) Dariana
Kudakulari
Rosehill Faint Perfume
Ms K Nivison Armidale Rhyolite
J & Mrs H North Wellington Stellas Delight
T E O'Callaghan Randwick Brilliant Light
Ms A O'Neill Randwick Brilliant Light
Patinack Farm Racing Syndicate Morphettville Tagus
  Randwick Happy Hippy
Rosehill Count Encosta
W Pegg Gosford Top Spot (NZ)
J Poot Gosford Asabelly
M Riley Canterbury Vilakazi Street
Ms J Ritchie Canterbury Chula Vista
Hawkesbury Home On A Wing
Kembla Perfect Rhythm
R Robinson Ballina Prince Lionheart
G Rogerson Hawkesbury Getaway Plan
D Russell Canterbury Vilakazi Street
Sheikh Mohammed Canterbury (4) Counterspy
Flying Spin
Melpomene
Sparkled
Hawkesbury (2) Crunches
Maypan
Kembla (2) Byzantine
Luxe
Randwick (2) Renaissance
Skilled
Rosehill Skilled
S Smith Hawkesbury Ambitious Princess (NZ)
P Stubbs Gosford Falzzon
A Surace Randwick Brilliant Light
J L Thompson Hillston Impassion
Holbrook Tower Zero
Tamworth Morecambe Bay
Widden Stud Syndicate Kembla Mabkhara
G Williams Kembla Honest Lies (NZ)
Mrs V Williams Canterbury The Last General
Kembla Black Fix
Miss S Woodcock Kembla Honest Lies (NZ)
L Young Gosford Unsolved
 

I advise that the bold type entries recorded black type wins in April.

Speaking of black type wins, another feature in the Newsletter is the 2009/2010 NSWROA Member’s Black Type Honour Roll which acknowledges the success of members in the black type arena. The Honour Roll, as at 30 April 2010 is as follows:

 

2009/2010 NSWROA Members Black Type Honour Roll
Current to 30 April 2010

Race Name Horse Owner
G1 STC Golden Rose Stakes Denman Sheikh Mohammed
G1 MRC Sir Rupert Clarke Stakes Turffontein Mrs B Cummings
G1 AJC George Main Stakes Road To Rock Mrs B Cummings & H Dyball
G1 MRC Toorak Handicap Allez Wonder Dato Tan Chin Nam
G1 MRC Caulfield Cup Viewed Dato Tan Chin Nam
G1 MVRC W S Cox Plate So You Think (NZ) Dato Tan Chin Nam
G1 VRC Crown Oaks Faint Perfume Dato Tan Chin Nam
G1 VRC Age Classic All Silent N & Mrs Y Begg
G1 MVRC William Reid Stakes Turffontein Mrs B Cummings
G1 SAJC Schweppes Oaks Small Minds Patinack Farm Racing Syndicate
G1 VRC Australian Guineas Rock Classic W Mula & Mrs R Mula
G1 STC Vinery Stud Stakes Faint Perfume Dato Tan Chin Nam
G1 AJC Champagne Stakes Skilled Sheikh Mohammed
G1 AJC Queen Elizabeth Stakes Road to Rock Mrs B Cummings & H Dyball
G1 AJC All Aged Stakes Hot Danish A E Curtis
G2 STC Premiere Stakes D/H Mentality M Crismale
G2 STC Premiere Stakes D/H Kroner (NZ) Dato Tan Chin Nam
G2 AJC Warwick Stakes Trusting Patinack Farm Racing Syndicate
G2 STC Shannon Stakes Drumbeats Sheikh Mohammed
G2 MVRC Bill Stutt Stakes Carrara F M & Mrs S Tagg
G2 AJC Stan Fox Stakes Denman Sheikh Mohammed
G2 VRC Gilgai Stakes All Silent N & Mrs Y Begg
G2 MRC Caulfield Sprint First Command L Macri
G2 VRC Wakeful Stakes Faint Perfume Dato Tan Chin Nam
G2 VRC Matriarch Stakes Purple Sheikh Mohammed
G2 MRC Sandown Guineas Kidnapped Sheikh Mohammed
G2 AJC Villiers Stakes Palacio De Cristal G Harvey
G2 MRC D'Urban Stakes Denman Sheikh Mohammed
G2 MRC Autumn Classic Extra Zero R J & Mrs J K Bergstrom
G2 STC Hobartville Stakes Monton G J Bunt
G2 VRC Kewney Stakes Faint Perfume Dato Tan Chin Nam
G2 STC Canterbury Stakes Hot Danish A E Curtis
G2 STC Ajax Stakes Brilliant Light A Surace, Ms A O'Neill & T E O'Callaghan
G2 STC Tulloch Stakes Count Encosta Patinack Farm Racing Syndicate
G2 AJC Sapphire Stakes Renaissance Sheikh Mohammed
G2 AJC Emancipation Stakes Sacred Choice G Fraser
G3 STC Run to the Rose Denman Sheikh Mohammed
G3 AJC Up and Coming Stakes Rarefied Sheikh Mohammed
G3 VRC Bobby Lewis Quality Swift Alliance Gooree Pastoral Company
G3 STC Research Stakes Hot Danish A E Curtis
G3 MRC Naturalism Stakes Red Lord Ms J Ritchie
G3 MRC Caulfield Guineas Prelude Demerit Sheikh Mohammed
G3 STC Gloaming Stakes So You Think (NZ) Dato Tan Chin Nam
G3 AJC Bill Ritchie Handicap McClintock G Harvey
G3 MRC Betfair Stakes McClintock G Harvey
G3 VRC Carbine Clube Stakes Kidnapped Sheikh Mohammed
G3 AJC Liverpool City Cup Dreamscape Gooree Pastoral Company
G3 VRC Victoria Plate Be Positive

G Fraser, R Ward, A Bennett, S Cook,
N Chapman, L Mihalyka & Laurel Oak
Bloodstock

G3 STC Star Kingdom Stakes Swift Alliance Gooree Pastoral Company
G3 AJC Frank Packer Plate Dariana Dato Tan Chin Nam
LR AJC Toy Show Quality Moti (NZ) Gooree Pastoral Company
LR AJC Show County Quality Swift Alliance Gooree Pastoral Company
LR MVRC Mitchell McKenzie Stakes Carrara F M & Mrs S Tagg
LR MRC The Heath First Command L Macri
LR WRC Mona Lisa Stakes Moti (NZ) Gooree Pastoral Company
LR VRC Henry Bucks Plate Carrara F M & Mrs S Tagg
LR NJC Tibbie Stakes Moti (NZ) Gooree Pastoral Company
LR AJC Angst Stakes Illuminates G Harvey
LR AJC Breeders Plate Run For Wilson Patinack Farm Racing Syndicate
LR VRC Paris Lane Stakes Raheeb Patinack Farm Racing Syndicate
LR AJC Brian Crowley Stakes Love Conquers All N Moraitis, AM
LR AJC City Tattersalls Club Cup Bid Spotter G Rogerson & G Harvey
LR MRC Jayco Stakes Kidnapped Sheikh Mohammed
LR VRC TCL Electronics Stakes Trim Sheikh Mohammed
LR VRC Myer Spring Fashion Stakes Turf Express E Cojuangco
LR HRC Yalumba Wines Cup Beaded Sheikh Mohammed
LR MRC Snowhite Stakes Marquardt (NZ) Patinack Farm Racing Syndicate
LR MRC Triple M Stakes Secession Sheikh Mohammed
LR HRC Gosford Gold Cup Spinney Sheikh Mohammed
LR STC Festival Stakes Rabbuka Gooree Pastoral Company
LR BRC J F Meynink Stakes Jantzen F W & Mrs C Cook
LR BRC Bernborough Handicap Joku Gooree Pastoral Company
LR Tattersalls Club Cup Rainbow Styling (NZ) N Moraitis, AM
LR STC Frank Underwood Cup Rabbuka Gooree Pastoral Company
LR MRC Zeditave Stakes Denman Sheikh Mohammed
LR MRC Barton Stakes Joku Gooree Pastoral Company
LR SAJC Birthday Cup Zagreb G Harvey
LR MRC Manfred Stakes Denman Sheikh Mohammed
LR KTC Kilmore Cup Joku Gooree Pastoral Company
LR SAJC Adelaide Guineas Small Minds Patinack Farm Racing Syndicate
LR SAJC Pewsey Vale Stakes Koala Bear Sheikh Mohammed
LR AJC Aspiration Quality Sacred Choice G Fraser
LR AJC Eskimo Prince Stakes The Mikado Ms J Henning & D Balian
LR AJC Wenona Girl Handicap Beaded Sheikh Mohammed
LR TATTS RC Member's Cup Soiled Patinack Farm Racing Syndicate
LR STC Sky High Stakes Bellagio Wynn D Farnham
LR STC N E Manion Cup Precedence (NZ) Dato Tan Chin Nam
LR STC The Schweppervescence Skilled Sheikh Mohammed
LR SAJC City of Adelaide Hcp Tagus Patinack Farm Racing Syndicate & G Harvey
LR AJC Royal Parma Handicap Brilliant Light A Surace, Ms A O'Neill & T E O'Callaghan
LR AJC Fernhill Handicap Kudakulari Dato Tan Chin Nam
LR AJC James H B Carr Stakes Happy Hippy Patinack Farm Racing Syndicate

What great results! Congratulations to all! Don’t forget to forward the names of your racehorses to the NSWROA office.

BOBS & BOBS EXTRA UPDATE

As part of a review of the BOBS program I’ve been looking at the 2008-09 season, in which 1056 bonuses were won, with a total cash value of $7.37 million.

Of those bonuses, 52 (or almost 5%) were at non-TAB country meetings and were worth $1250 each. That may seem fairly insignificant but $1250 added to the winner’s prizemoney goes a long way towards training fees.

There were 719 bonuses worth $5000 each – so $3.59 million or almost half of all BOBS payouts were at Provincial or Country TAB meetings.

This is the message I keep reinforcing to owners whose horses run outside the metropolitan tracks – that unless you pay your $660 for BOBS you are sacrificing the opportunity to win so much more than just the basic prizemoney.

BOBS Extra will make country racing even more affordable because country fixtures tend to attract older horses. We will be requiring clubs to add middle distance and staying events to programs, so from 1 August this year there will be increasing opportunities for the less precocious thoroughbreds to earn BOBS Extra bonuses.

During April this year, 122 bonuses were won valued at $670,000 in cash terms. This was a record number of bonuses for April, and the value was $137,500 higher than for the same month last year. In the first week of May another 55 bonuses were won, with a cash value of $351,250 putting this month on track for another record.

Don’t forget that your BOBS money can be doubled if you choose the Double-Up option, and put that bonus towards the purchase of another BOBS Eligible yearling.

For further information please contact:
John Gatfield,
BOBS Executive Officer,
Racing NSW,
(02) 9551-7574,
jgatfield@racingnsw.com.au

CONTACT DETAILS FOR MEMBERS

Have you recently moved, changed your postal address or obtained an email address? If so, it would be greatly appreciated if you could contact the office in order for our records to be updated.

Yours in Racing
Ray McDowell, President
14 May 2010

STOP PRESS 1 – MATTHEW TALBOT RACE DAY, 22 MAY 2010

Matthew Talbot Homeless Services will be conducting a Race Day Luncheon at Rosehill Gardens on 22 May 2010.

This year’s Race Day will raise funds to support a very important service, ‘Our Lady of the Way’ a refuge for women, most of whom are escaping domestic violence and are aged in their 50s and 60s.

The Race Day will feature live and silent auctions boasting carefully hand-picked items; a giant raffle; prizes for the best dressed lady and gent; lucky door prizes; sumptuous food and as well as outstanding horse racing.

Tickets for the event are prized at $140 each or $1,400 for a table of 10 and include:
• A fabulous 3 course meal with full table service including tea and coffee
• Complimentary De Bortoli wines, Tooheys beers and soft drinks
• Entry to the racecourse
• Tote and bookmaker facilities
• Racebook; and
• Complimentary in-field parking

For more information or bookings visit the website www.vinnies.org.au, email events@vinnies.org.au or telephone (02) 9568 0273.

STOP PRESS 2 – THE CARRAZZO SYDNEY TAX SEMINAR

To coincide with the Inglis Weanling and Breeding Stock sale, Paul Carrazzo CPA, arguably Australia’s most respected and active tax consultant, will present his annual end of financial year seminar on 23 June 2010 at the William Inglis & Son complex.

Hot Topics in Horse Taxation that will be covered include:
• New horse loss rules finalised
• Horse tax planning
• Capital Gains Tax & GST
• GST win for hobbyists
• Stock write-downs
• Horse deductions
• Tax break and racing
• Business v Hobby – what now?

Seminar attendance is normally priced at $132.00 per head (including GST) but NSWROA members will receive a special discounted rate of $110.00 per head (including GST).

To register contact Carrazzo Consulting by:
• telephone: (03) 9329 7044
• email: admin@carrazzo.com.au
• website: www.carrazzo.com.au

 

NSW Racehorse Owners Association • GPO Box 1506, SYDNEY NSW 2001
Ph: 9299 4299 • Fax: 9299 3212 • E: nswroa1@ozemail.com.au • W: www.nswroa.com.au