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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
Consequently, the racing of the horse is a mere hobby and is not associated with her business of breeding. The amounts derived from the racing of the gelding are not assessable income under section 6-5 and the losses and outgoings incurred in the purchase of the gelding and in the maintenance and the development of the gelding are not deductible under section 8-1.
TR 93/26 | Legal database - ato.gov.au
https://www.ato.gov.au/law/view/document?LocID=%22TXR%2FTR9326%2FNAT%2FATO%22&PiT=20061025000001
To overcome the general rule and demonstrate that the racing of horses is being conducted as a business rather than a hobby, a taxpayer must: • Demonstrate that he or she is conducting the activity as a business with an intention of making a profit and not primarily for pleasure or because of an interest in the activity, •
ATO WITHDRAWS HOBBY HORSE RULING – BUT DON’T …
https://www.linkedin.com/pulse/ato-withdraws-hobby-horse-ruling-dont-panic-paul-carrazzo-cpa
To the relief of the horse industry, the ATO confirmed that a hobby racehorse is a PUA and thus the exemption for CGT for hobby horses acquired for $10,000 or less applied. Note – this exemption...
ATO withdraws hobby horse ruling - But don't panic!
https://www.horsetaxseminar.com/news/carrazzo-tax-blog/6378-ato-withdraws-hobby-horse-ruling-but-dont-panic
Paul has become Australia’s leading tax adviser to the thoroughbred industry and is is the long-time tax feature writer for Bluebloods magazine, the resident tax specialist for Sky Racing's ‘Bred To Win’ and ‘Connections‘ programs and presenter of numerous ground breaking horse tax seminars all over Australia.
Can a Racehorse Beat the ATO? | Tax Strategies
https://taxfitness.com.au/Tax-Strategies/owning-a-racehorse
The first tax issue to consider with owning a racehorse is whether you are operating as a hobby or a business. 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:
Ato - Horse
https://www.horseracingnation.com/horse/Ato
Ato horse rating and status. See who is a fan of Ato. Kentucky Derby. Kentucky Derby 2022 Contenders - Road to the Derby - Derby Prep Replays - Derby Radar. Triple Crown Races - Kentucky Derby - Preakness Stakes - Belmont Stakes. Kentucky Derby News. Preakness Stakes News. Belmont Stakes News. History (1875-2021 Derby Results & Videos)
ATO Withdraws Hobby Horse Ruling - Don't Panic | Breednet
https://www.breednet.com.au/news/134580/ato-withdraws-hobby-horse-ruling---don't-panic
This designation is crucial as PUA's attract a special capital gains exemption on disposal if the horse interest (i.e. the whole horse or share of the horse) is acquired for $10,000 or less To the relief of the horse industry, the ATO confirmed that a hobby racehorse is a PUA and thus the exemption for CGT for hobby horses acquired for $10,000 or less applied.
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