Non-interpretative - Straight application of the law
If you as an individual own (or lease) the animal or there is one partnership or other single entity racing the animal then this is the entity supplying the animal to race.
Jim purchases a horse at the yearling sales. He engages a trainer to train and prepare the horse for racing. The horse commences to be raced by Jim as a three year old.
Jim is a single entity supplying the animal to race.
Tony and a friend form a partnership to purchase full ownership of a greyhound. The partnership must meet the partnership definition for income tax purposes to be recognised as an entity.
If the partnership is an income tax partnership, the partnership is the single entity supplying the greyhound to race. The definition of partnership for income tax purposes is at Appendix A.
Paul and a group of 14 friends have an interest in thoroughbred racing. They decide to form a group and register a syndicate under the Australian Rules of Racing with Paul as the Manager.
They purchase a horse and engage a trainer to train and prepare the horse for racing.
The syndicate opens a bank account, each member pays a monthly fee to the syndicate and all syndicate expenses are paid from that account. Paul maintains a membership register and provides quarterly syndicate financial statements and reports to all members.
Regular syndicate meetings are held with members having voting rights based on the number of shares held in the syndicate. Over the course of the year, two members resigned and were replaced by two other friends.
In the following year the horse is retired due to injury. To continue the involvement in racing the syndicate leases another horse. Further changes in the syndicate membership occurred during the year.
The syndicate has met the indicators for an unincorporated association or body of persons as outlined above and therefore is a single entity supplying the horse to race.