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Queensland Racing introduced a "centralised prizemoney
payment system" on 1 July 2000, which was developed to
simplify GST accounting and compliance for
owners, trainers and jockeys. It represented a
substantial shift
from traditional practices whereby Queensland Racing took
on responsibility for the payment of prizemoney to owners
for all race meetings conducted around the State, and for
the collection and payment of riding fees, nomination
and
acceptance fees, and jockeys Workcover fees.
The payment and charging process was introduced on a weekly
basis, and is accompanied by the issue of "recipient created
tax invoices" to owners, trainers and jockeys
to assist them in tracking their GST liabilities and credits
and to provide them with the documentation to assist in
the preparation of their Business Activity Statements.
The weekly payment cycle is from Monday to Sunday. Payments
for each cycle are available the following Friday.
If you
require any additional information please email prizemoney@queenslandracing.com.au or
telephone Prizemoney Helpdesk on (07)3869 9700 during business
hours.
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