Accounting for the Horse and Harness Racing Industries
Montague Partners has a diverse range of thoroughbred and harness racing clients including over 40 or so WA jockeys, and a 20 trainers, along with breeders and owners.
The team at Montague Partners have a passion for the racing industry. Directors Glenn and Lisel own shares in a number of thoroughbreds along with a small interest in some pacers. They attend the races on a regular basis, both within WA, interstate and occasionally overseas. Everyone else in the office likes a cheeky punt every now and again too!
Every business faces its own unique set of strengths and challenges. At Montague Partners, we like to treat your business as if it were our own – so that we can understand what makes it tick and provide meaningful advice that is useful and easy to understand. Common issues relating to the racing industry which our team can assist with include:
- Are you running a business or is it just a “hobby”?
- What is the best structure for your business?
- What are the key requirements and margins required to make your business better than your competitors
- Should your horses be treated as livestock or a depreciable asset?
- What is the value of a horse treated as livestock?
- What happens in your accounts when you retire a horse?
- How do you best comply with the ATO as a taxpayer within the racing industry?
At Montague Partners, we thrive on finding the optimal answer to the above questions. With a combined 40 years of experience dealing with clients in the racing and pacing industries, Glenn and Lisel are the leading horse and harness racing taxation specialists in WA.
Please contact us for more information. We look forward to assisting you with your accounting, taxation and administrative needs.
Trained and bred by Sharon Miller. 21 March 2018
