NSW Trainers need to bring their balance sheet to the table

[Murray Fish]

Racing Industry

A taxing process - Racing NSW demands proof of financial viability from trainers

By Tim Rowe - May 08, 2025

New South Wales trainers will need to provide the regulator with personal and business Australian Taxation Office (ATO) Assessments for last financial year before their licence is renewed for next season.

Racing NSW is demanding addition evidence of financial viability from licensed trainers. (Photo: Mark Evans/Getty Images)

Racing NSW will also require trainers to sign a statutory declaration stipulating that they and their training operations are “financially viable” and are capable of meeting their creditor and employee entitlements including superannuation.

In a letter sent to trainers, signed by Racing NSW operations manager - integrity Michael Cleaver, the regulator outlined the increased demands as part of the annual licensing approval process. 

“Professional management of finances and tax obligations is a critical expectation for anyone holding a trainer’s licence,” Cleaver wrote in the letter, dated May 1 and emailed to trainers on May 2. 

“To help ensure the financial viability of trainers and their ongoing capacity to pay creditors and staff, Racing NSW is introducing new requirements for the licensing renewal process for trainers. 

“This is, in our view, a necessary step to continue to uphold the integrity, safety and welfare of the racing industry. 

“It will also allow for earlier intervention where a trainer may not be meeting their obligations and provide a greater opportunity to avoid training businesses from failing.”

The move has caused concern among some sections of the training community, who see the additional requirement as excessive and a breach of personal liberty. 

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The action comes after Anthony Cummings’ business Rosscarbery Holdings was placed into voluntary liquidation with reported debts of more than $2 million, with the Group 1-winning Randwick-based trainer subsequently having his licence revoked by Racing NSW.

Cummings, who was also forced to relinquish his stables at Leilani Lodge, is not the only trainer to have accumulated significant debts to the Australian Tax Office and other creditors.

Fellow Group 1-winning trainer Tim Martin failed to meet his obligations with the ATO while in Tasmania Scott Brunton was stripped of his trainer’s licence because his business owed the tax office more than $1 million.

When trainers first apply for a licence, they are obliged to present financial statements and business plans to Racing NSW, but up until now they have not had to provide any further information such as tax returns when renewing their licence annually.

 

 

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It’s understood that Racing NSW consulted about 15 trainers via a Teams meeting prior to announcing its plan to bring in annual so-called low-touch financial health checks for stables, which prompted some pushback from the licensees and their accountants.

But Racing NSW remains steadfast in its view, saying it was incumbent on trainers to supply the information and provide a signed statutory declaration of their ability to meet their financial obligations otherwise they will not be granted a licence for the new season.

“If an Applicant is unable to provide such a declaration, their licence will not be renewed until such a time as Racing NSW is comfortably satisfied that their continued participation in the industry does not pose a danger of damaging the industry of racing through the non-payment of taxation debts and other racing industry creditors,” Cleaver continued in the letter to trainers. 

It is also believed that the demand for 2024 financial year Notice Of Assessments from the ATO will also force trainers who are behind in lodging their tax returns to get their business affairs up to date.

Licence renewals have been extended to July 31 owing to the extra regulatory requirements imposed on trainers by Racing NSW. 

Racing NSW was contacted for further comment.

[curious]

Wow! I wonder what would happen if that became the case here?

[Dark Beau]

57 minutes ago, curious said:

 

Edited yesterday at 08:34 AM by Dark Beau

[Dark Beau]

2 minutes ago, Dark Beau said:

 

My previous posting is now EMPTY.
It was edited by me (to empty) because, what I was responding to was no longer there, and what I was saying wouldn’t have made sense to anyone!
Why do post’s suddenly disappear on this site?

For the record I was referring to comments about:

Anthony Cummings, Tim Martin and Scott Brunton  

 

 

[curious]

9 minutes ago, Dark Beau said:

My previous posting is now EMPTY.
It was edited by me (to empty) because, what I was responding to was no longer there, and what I was saying wouldn’t have made sense to anyone!
Why do post’s suddenly disappear on this site?

For the record I was referring to comments about:

Anthony Cummings, Tim Martin and Scott Brunton  

 

 

They are all mentioned in the above article??

[Chief Stipe]

19 minutes ago, Dark Beau said:

My previous posting is now EMPTY.
It was edited by me (to empty) because, what I was responding to was no longer there, and what I was saying wouldn’t have made sense to anyone!
Why do post’s suddenly disappear on this site?

For the record I was referring to comments about:

Anthony Cummings, Tim Martin and Scott Brunton  

 

 

Nothing to do with the site.

As you said YOU emptied it.  Why?

[Dark Beau]

1 minute ago, curious said:

They are all mentioned in the above article??

Goodness gracious me, I am loosing it well and truly!

Anyway, what I was saying is that I have had horses with two of the three naughty trainers mentioned.

Hopefully that doesn’t say something about the company I keep 😂

(1 x each) with Anthony (when he was with Bart) and Scot Brunton, but not Tim Martin  

Scot Brunton was as good a horseman/trainer as I have ever been involved with. 

It’s such a shame that he now lost to Tasmanian Racing but I guess it was his fault at the end of the day.