Racing Industry Lawyers in Newcastle
Horse Racing Law Specialists
Contractual Disputes & Other Litigation
Debt Recovery & Taxation
Taxation surrounding racehorses can be complicated. The team at Bale Boshev Lawyers will make sure you comply with all tax obligations, provide personalised advice and ensure you are adhering to regulations without overpaying.
Personal Injury & Negligence
Horse Syndication, Sales & Purchases
Understand your rights and responsibilities as a racehorse owner. We can help you apply and prepare for an Australian Financial Services Licence, and a Product Disclosure Statement to ensure all rules and regulations are followed.
Jockey Suspensions & Appeals
Horse racing law is a complicated area of law which will require lawyers who are experienced in the field. Bale Boshev Lawyers will be able to provide you the legal assistance you need. Contact us today for more information.
Frequently Asked Questions
Syndication is the process of selling shares in a racehorse, so the ownership of the horse is split between two or more owners. All syndicators must hold an Australian Financial Services License granted by the Australian Securities & Investments Commission.
You must pay capital gains tax if the ATO considers your horse activities as a commercial business rather than a personal hobby. This includes if you engage in breeding, training and/or trading.
When you sell your asset, such as horses, real estate or shares, you usually make a capital gain or a capital loss. This is the difference between how much you spent to acquire the asset, and how much you received when you sold it. When you make a capital gain, the amount is added to your assessable income and will be taxed by the ATO.
Yes. The ATO views race horses as a personal use asset, which means if you paid more than $10,000 for your horse, or share of the horse, you must pay capital gains tax if there is any gain on the sale of the horse.
You must have a Foal Identification Card if you want to register your horse as a racehorse. It is equivalent to a human passport and your horse cannot race until they are registered.
Talk to one of our lawyers today, and let us fight for you.