Advice on setting up agistment

[Sami Shoaib]

I want to set up a property with some agisters to assist with the mortgage, what do I need to take into account to do this legally?

Do i have to set my property up as a business establishment or can i just set myself up as a sole trader? I just want to ensure I am insured for public liability and claiming the income correctly, and maybe even claim some tax benefits if I am lucky.

Anyone got any advice?

[cm]

There's an accounting firm in Melbourne which has produced a manual regarding some aspects. Very hard to get information, though. I have sought experienced people with knowledge of this area to give advice at various seminars and forums/clinics etc. and have had little luck finding anyone suitable. When you have figured it out, you should set up as a consultant!

[vicki]

Sami, You need an accountant to help you set up as a sole trader, and I think be gst registered, as most fodder, farriers, vets etc are gst registered.

Then you need a good insurance broker to find you a workable insurance policy...any policy that includes horses will be expensive. I would plan on $4,000 to $5000. for the first year...but maybe that will give you a little tax relief, while you get the business started.

Or you can do like most horse people do and worry about someone suing you after the incident has happened.

If the agistment is set up as a company that has no assets, it will be okay. But then you get the set up costs of the company along with all the extra bookwork.

Maybe start with a good accountant?

[Jiss]

I know a place that didn't have much in the way of setup but the had disclaimer signs everywhere and had rules about helmets and correct shoes. I think possibly you also had to sign a waiver...maybe that's the way to go? Otherwise maybe go to a really big establishment and ask them? You'll be of no threat to them or some subtle inquiries might work as well? Good luck!