View Full Version : Owning a Stud with the issue of Tax

25-05-07, 11:49 AM
People that own a stud do they have an ABN and tax out going money or they recover some things and if so what? or do they use it at all? Any advice would be greatly appreciated.

Get a kick out of life, Ride a horse!

Miss Positive
25-05-07, 03:05 PM
You really need to seek the advice of an accountant on this one, Tory. A Stud is essentially a business as far as it is operated with the "view" of turning over a profit and as such should be registered as a business and registered for GST depending on the annual turnover.

There are so many rulings on this. I'd strongly advise you speak with someone adequately qualified to give advice in this area. Can't afford to be ill advised when it comes to money! JMO...

I believe rulings even differ between studs producing saddle horses and breeds? For instance a Gelding isn't considered to be "Breeding Stock" however, it is a product produced for profit by Studs turning over riding horses. If that makes any sense... Hope that helps.

25-05-07, 09:38 PM
Hi Tory
I am not 100% sure what you are asking but anyway, the threshold for registering your stud for GST is $50K pa revenue. Being registered as a primary producer is a whole different issue and one that should probably be explored. My OH is a taxation specialist in public practice, so if you want to email me at info@balledor.com with your questions, I will help if I can.

26-05-07, 02:07 AM
You must register for BAS if you turn over more than $50k per annum. You CAN register for BAS if you turn over less and run a business. To be considered a business you must meet certain criteria. Google the ATO and you will find the answers.