Tasracing are implementing a national enhancement to the prizemoney payment system, to take effect on 1 August 2023.
Following the steps of NSW and QLD who implemented the system earlier in 2022. The new prizemoney split system will ease the burden on group, partnership or syndicate Managing Owners.
Under this payment system, Tasracing will be able to pay each owner their percentage of prizemoney directly into their chosen account.
Currently prizemoney is paid in whole to the nominated Managing Owner, generally owner one, regardless of the number of owners.
This new system will provide opportunity to select to have the prizemoney split and paid directly to each owner.
Please note this will only apply to horses which are owned outright. Payments for leased horses will continue to be paid to the nominated Managing Owner.
In addition to the above, Tasbred Bonus payments will also continue to be paid to the Managing Owner.
There are two options available to initiate the split payment system.
Via harnessweb the Managing owner can initiate the Split Prizemoney Payment request. A share percentage must be noted next to each owner. Once the Managing Owners has entered these each owner will receive a notification which they must approve. See the step-by-step instructions via this link.
Each owner will need to ensure that the following information is provided:
- Bank account details
- Email address
- GST status
If any information if missing the request will be unable to be finalised.
Alternatively, a paper forms are available from the Office of Racing Integrity website (www.nre.tas.gov.au).
- Change Notification Bank Details – Notification/Change of Bank Details
- Partnership Manager – Prize Money Split Details – Partnership Manager – Split Prizemoney Payment Details