Centralised Stakes Payment Project

In October we posted an advisory on www.grnz.co.nz that the Centralised Stakes Payment (CSP) project would be delayed following a recent court case ruling regarding how GST must be managed, and the implications from this if stakes payments were done by GRNZ rather than the Clubs.

During the development phase and the subsequent re-scoping of the project to include the new GST requirements it became apparent that the additional complexity would mean the CSP process would become more difficult and arduous for not only GRNZ, but also the clubs and most importantly the Owners and Trainers.

The original objective of the CSP project was for GRNZ to pay all the stakes to Owners and Trainers instead of payment being made by individual race clubs. The key reasons for centralising were instances of Owners not being paid their stakes, and GRNZ removing payments overhead from clubs.

It is now evident that the proposed CSP project would not simplify this process but require Trainers and Owners to provide more (and ongoing) information, and increase administration and potential liability for Club staff.

For the above reasons the Board have approved not proceeding with this project. GRNZ will however continue to look for ways to assist in improving the stakes payment process.

Posted on 5/03/2019 9:27:49 AM

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