Executive Transactions Names In The News FFA Records $6.2M Profit For '13-14 La Liga Valencia Discards New Bat Logo Qatar Reveals Third WC Stadium Design Qatar Looks To Enter F1 Circuit Healthpoint Partners With Man City Sony Reportedly Will Not Renew FIFA Deal Portsmouth To Host America's Cup Races BBC To Show All FIFA Women's WC Games
SBD Global/November 6, 2012/FinancePrint All
The racing industry "is set to be hit this week by a multimillion-dollar superannuation claim from jockeys that could stretch back as far as 20 years," according to Chris Roots of the SYDNEY MORNING HERALD. Fairfax Media understands the Australian Jockeys' Association "wants the legislated 9% superannuation guarantee applied to race riding fees and barrier trial fees for jockeys." The bill "would come to more than A$3M ($3.1M) per season, and back pay could be enforced for a number of years." If it was applied for 20 years, "it could be in the tens of millions -- enough to seriously hit the coffers of the racing industry." The AJA "will seek a meeting with the Australian Racing Board as a matter of urgency after receiving advice from the Australian Taxation Office." The Superannuation Guarantee Act 1992 requires employers to provide a minimum level of super for employees. The standard riding fee is an employment contract, so it would fall under this law. However, the 5% of prize money paid to a jockey "does not come under the guarantee." As the superannuation "has not been paid, racing bodies would also be open to fines and penalties under the tax act" (SMH, 11/6).