20 September 2007

COMMERCIAL HORSE ASSISTANCE PAYMENTS SCHEME (CHAPS)

The release of details of the per horse, per day assistance scheme for owners was largely in line with the NSWROA’s stated objectives. Payment will be as follows:

The payment will be made by Racing NSW to the trainer, who will then be required to credit the owner.

The only means test is that the controlling owner must not have $300,000 or more in a personal (not business) bank account. This does not include various types of higher yielding accounts, fixed term deposits, shares or bank bills etc.

Where there is no controlling interest in the horse (ie it is divided up into shares) the majority of the shareholders must meet the criteria for the subsidy to be paid.

The trainer will provide stable returns as evidence that the horse has been in work, and stewards will make on site inspections.

Racing NSW at this point have not stated how the means test will work in practice, ie do you need to provide bank statements etc to prove you have less than $300,000 in the bank.

The scheme has been backdated to August 25th, while any prize money the owner has gained since that date will be taken off entitlements.

$10 per day was taken off the scheme entitlements to fund payments to industry participants, eg jockeys, farriers, track riders etc.

Although these payments may be viewed as a partial short term offset to the hardship being endured by owners and the industry, the NSWROA believe they are vital in keeping the industry sustained until the total costs of the EI outbreak are known.