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July 24, 2024 4:32 am

Horse Industry Specialisation

Stable financial has a wealth of knowledge and precedent in the thoroughbred industry. Our reputation as “trusted experts” is hard earned.

For those clients involved in primary production of horse breeding, we can provide some or all of the following:

  • Detailed written and/ or oral advice as to our assessment of your operation under the crucial Business vs Hobby test
  • Business Plan and financial projections for those commencing or restructuring their business
  • Expert reports to use in the event of a claim or tax audit
  • Benchmarking reports to compare with other Industry participants
  • Annual livestock accounts which show horse movements throughout the year and calculate the trading profits and loss
  • Annual writedown schedules, taking full advantages of the unique tax depreciation rules available for livestock
  • Annual broodmare activity reports, which provide a snapshot of recently completed and future breeding season
  • Developing strategies to ensure compliance with non-commercial loss provisions of the Tax Act, if required
  • Assisting foreign owners and breeders minimize exposure to Australian taxes and comply with their filing requirements
  • Representing clients in discussions with the Australian Taxation Office and attending to information requests
  • Communicating to racing authorities your updated GST status
  • Regular management meetings, including bloodstock agents, trainers, advisors
  • Seeking private rulings for clients where necessary

Does your accountant understand the horse industry? We do!