Many vendors have been involved in New Zealand’s National Yearling Sale through a large part of its existence, boasting proud histories that span multiple generations and famed Southern nursery Inglewood Stud certainly fits that bill.

As I return from yet another visit to the QLD Magic Million sales, it occurred to me that it has been too long since I shared my insights as to what a new industry player should be mindful of, tax wise, before they commence a horse breeding and/or racing business.