23 Aug 07 Horse industry issues - TR 2007/D9This draft Taxation Ruling was released on 22 August 2007 for public comment by 10 October 2007. Its full title is "Income tax: various income tax issues relating to the horse industry; including whether racing, training and breeding activities (carried out as stand-alone activities or in combination) amount to the carrying on of a business". The draft Ruling identifies, and provides guidance on, certain important income tax issues relating to activities undertaken in the horse industry with a focus on racing, training and breeding activities.
As a result of the issue of TR 2007/D9, TR 93/26 (Income tax: issues relating to the horse industry) has been partially withdrawn with effect from 22 August 2007.
For a copy of TR 2007/D9, go here
For a copy of TR 93/26PW, go here