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Overseas buyers at the New Zealand Bloodstock Yearling Sales at Karaka later this month won’t have to pay any GST provided their purchases are exported within 12 months and do not race in New Zealand.

This allowance has been confirmed by New Zealand Bloodstock’s general manager of finance and operations Andrew Seabrook.

“There is a GST zero-rating from the New Zealand Inland Revenue Department on horses bought at our sales for a 12-month period which New Zealand Bloodstock applies for on behalf of the buyer,” Seabrook said.

“This means the buyers don’t have to pay any GST provided the horse leaves the country within 12 months of the purchase date and as long as it doesn’t race.

“They can trial in New Zealand without breaching the exemption rules,” he said.

The New Zealand position was clarified after the Hong Kong Jockey Club expressed concerns about the GST rules applying to horse purchases made at Australian sales prior to the start of the Magic Millions sale at the Gold Coast.

The HKJC subsequently reached agreement with the Australian Taxation Office over the GST rules and went on to buy eight yearlings at the Magic Millions.

However Aushorse is continuing to push the Federal Government for a relaxation of the GST conditions on international buyers at Australian sales (see Press Room for latest press release).

The HKJC buys yearlings from both Australia and New Zealand for re-sale at its December International Sale.

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