Cover image courtesy of The Image Is Everything
In a move that’s likely to raise eyebrows and cause debate across the training ranks, Racing NSW has introduced a series of new financial disclosure requirements for trainers seeking to renew their licences for the upcoming season.
Trainers will now be required to submit both personal and business Australian Taxation Office (ATO) Notices of Assessment for the 2023–24 financial year, along with a signed statutory declaration confirming their financial viability. Without it, they risk not having their licence renewed for next season.
The changes, outlined in a letter sent to all NSW licensed trainers intending to renew in 2025, have been implemented to ensure trainers are meeting their tax and superannuation obligations, and to safeguard the broader financial health of the industry.
“Professional management of finances and tax obligations is a critical expectation for anyone holding a trainer’s licence,” stated Racing NSW Operations Manager – Integrity, Michael Cleaver.
“Professional management of finances and tax obligations is a critical expectation for anyone holding a trainer’s licence.” - Michael Cleaver
The regulator now expects trainers to confirm that their operation: Is financially viable, can pay all creditors and staff, including superannuation, as and when due and has met all ATO lodgement and payment obligations.
The letter from Racing NSW states that this is viewed as a “necessary step” to upholding integrity, safety, and welfare within the industry, and will assist in earlier intervention - presumably from Racing NSW’s end - when a trainer falls behind on their obligations.
Pushback from participants
While the move has been justified by Racing NSW as a measure to protect the integrity and sustainability of the sport, it has not been well received at all, with people taking to social media to question if it is excessive regulation and an invasion of personal financial privacy.
It is not lost on industry participants that this news arrives in the wake of Anthony Cummings having his licence revoked after his business Rosscarbery Holdings entered voluntary liquidation late last year, with Sydney financial firm DW Advisory reporting the company had debts exceeding $2 million.
Previously, new licence applicants were required to provide financial statements and business plans to Racing NSW. However, annual renewals have not historically needed trainers to submit such detailed financial documentation, making this a significant shift in policy.
Anthony Cummings | Image courtesy of Inglis
Despite the concerns, Racing NSW has taken a firm stance, stating that trainers who do not comply will not be licensed for the upcoming 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 added.
It’s also expected that this move will compel trainers who have fallen behind on lodging their tax returns to bring their financial affairs up to date.
Deadline extension and additional requirements
To accommodate the increased workload associated with the new demands, Racing NSW has extended the trainer licence renewal deadline to 31 July 2025.
In addition to submitting ATO documentation and financial declarations, trainers must also complete several other tasks as part of the annual renewal process; complete the online licence renewal and pay associated fees, ensure any stakes payments up until April 30 have been paid out, and, if relevant, submit an application to use a service company associated with their training operation (outlined in the notice titled ‘Racing NSW Policy on use of service companies’).
This comes on top of completing a standard Online Annual Horse Trainer Proficiency course, and attending the compulsory veterinary seminar covering topics such as exercise-induced pulmonary haemorrhage, cardiac arrhythmias, and exercise-associated sudden death. Trainers aged 75 or over by July 1 will have the additional Over 75 Trainer Policy to complete.
This regulatory shift underscores Racing NSW’s broader intent to lift financial compliance standards across the board, though it will no doubt spark further discussion around privacy, red tape, and the line between oversight and overreach.
