RaceCafe..#1...Tipsters Thread.... Share Your Fancies For Fun...Lets See Who The Best Tipsters Here Are.
Barry Lichter

Lincoln Farms boss slams RITA

Recommended Posts

34 minutes ago, Stables said:

Leggy, I hope you would be saying the same things about Air New zealand and the NZ Rugby Union, just to name a couple. They were shining lights of New Zealand and have received huge Government bailouts. Racing was in the process of sorting things out when the covid 19 pandemic struck and as a result of no money coming in for the whole structure of New zealand racing from the TAB down to trainers , jockeys and stablehands, for 2 to 3 months, everybody is under extreme financial strain. Michael Pitman is right NZ Racing has paid billions of dollars in taxation to the Government over the years, from a tax on turnover, GST, and Taxes on Income and PAYE. It is only fair and right that Racing get funding from the Government to ensure that an industry that employs and supports thousands of people, has a chance to get back on its feet. Naysayers such as you have no idea how much racing has contributed towards the financial security of our country and it is just common sense to ensure the continuation of racings input into New Zealands economy for several decades into the future by providing us with a rebate on all those taxes paid to get us back on our feet

 

Fletcher Building - has received almost $70 million from the Government's wage subsidy fund. That's despite reporting earnings after tax of $259 million last year.

This week the media industry was also thrown a lifeline, $50 million bailout package with a promise of more to come . Robertson says the media industry is coming to terms with the immediate loss of advertising revenue. 

WHY NOT Racing ? it's coming to terms with the lock down , a lock down for racing that's completely over the top , Australian racing continues to prove this . I  suspect some funding will be provided , there is an election later in the year , time will tell .

Share this post


Link to post
Share on other sites

17 minutes ago, tripple alliance said:

 

Fletcher Building - has received almost $70 million from the Government's wage subsidy fund. That's despite reporting earnings after tax of $259 million last year.

This week the media industry was also thrown a lifeline, $50 million bailout package with a promise of more to come . Robertson says the media industry is coming to terms with the immediate loss of advertising revenue. 

WHY NOT Racing ? it's coming to terms with the lock down , a lock down for racing that's completely over the top , Australian racing continues to prove this . I  suspect some funding will be provided , there is an election later in the year , time will tell .

Racing entities also got the wage subsidy , it's all listed .Racing stables, tracks all got it same chance   as Fletchers to apply  so no difference there , Jockeys iam sure would have got a subsidy also .So same boat as all businesses re subsidy . 

TAB has continued to trade throughout lockdown online so it that respect is a lot luckier than a lot of others .

Share this post


Link to post
Share on other sites

Agree Leo

It is simple, racing participants got the Govt handout for 12 weeks but what they are asking for now is unrelated to Covid19 - it is the simple reality of a horrendous state of affairs due to mismanagement.

Does Bauer media ring any bells, similar situation

Racing will not get one dollar and so it shouldn't IMHO, but well done MP taking a stand the industry leaders haven't and therein is the historical issue

Share this post


Link to post
Share on other sites

12 hours ago, We're Doomed said:

TV3 has been covering racing most nights on its sports news for the last few weeks so good on them. I don't watch the other channel so no idea if they are covering racing at all.

Only because no other sports news

Share this post


Link to post
Share on other sites

“Fletcher Building got NOTHING ....FFS can you not understand that the subsidies are for employees...the government is just using employers to administer a temporary emergency benefit to their employees.”
 

Not quite how it will work for a construction firm - they get 12 weeks up front which helps cash flow, they keep the listed employees in their job and and pay them a bit more than the subsidy whilst sites are closed, then the whole team go back to work after 6 weeks and what’s left of the subsidy covers the top up over that 6 weeks and any restart cost (in this period the profitability of jobs will take a bit of a hit). I would call that helping the employer too.

Of course at the outset no one knew how long this would last, and it’s different for the poor buggers who are still closed under level3.

Share this post


Link to post
Share on other sites

1 hour ago, poundforpound said:

Fletcher Building got NOTHING ....FFS can you not understand that the subsidies are for employees...the government is just using employers to administer a temporary emergency benefit to their employees.

The media industry gets it multiple ways ( so that silly bitch can get more good and free publicity ) because their employees get the subsidy and the parent company simultaneously gets a lump sum payout, plus they got a commitment for extra advertising by the government, rather than using FB etc...

That’s how the alternation seeking drama queen gets so much favourable press and how she’s cunningly politicized Covid19 

Racing will get nothing because it deserves nothing....and in case you didn’t know Winston has been given a yellow card by “two rows of teeth” because he’s been naughty again....and he’s busy dealing with the SFO 

The managing director of a construction firm says he has made $150,000 profit from the Government's wage subsidy, and he has no intention of paying it back. 

"I don't believe there's any legislation in place to enforce anyone to give it back. It was just a stupid idea from the beginning from our Labour Government. "I'm at a loss as to why the government gave away so much money in a lolly scramble. "I'm going to use it to pay my staff and keep my cashflow up and ensure that my guys have still got a job in five months time." Black said the Government was "stupid" to pay out three months of wages in one go.  

Now racing , we all know racing had issues before the shutdown but any losses incurred from the start of the lockdown until racing resumes should be compensated for , it was comrade cindys government that forced these losses on the racing industry in that time frame  . 

 

Share this post


Link to post
Share on other sites

11 minutes ago, Peter R S said:

“Fletcher Building got NOTHING ....FFS can you not understand that the subsidies are for employees...the government is just using employers to administer a temporary emergency benefit to their employees.”
 

Not quite how it will work for a construction firm - they get 12 weeks up front which helps cash flow, they keep the listed employees in their job and and pay them a bit more than the subsidy whilst sites are closed, then the whole team go back to work after 6 weeks and what’s left of the subsidy covers the top up over that 6 weeks and any restart cost (in this period the profitability of jobs will take a bit of a hit). I would call that helping the employer too.

Of course at the outset no one knew how long this would last, and it’s different for the poor buggers who are still closed under level3.

I though I read that if the employee goes back to work after say 6 weeks that any remaining surplus from the subsidy obtained for them had to be passed on to them?

Share this post


Link to post
Share on other sites

Just now, Leggy said:

I though I read that if the employee goes back to work after say 6 weeks that any remaining surplus from the subsidy obtained for them had to be passed on to them?

My take is that if the employer pays that employee more than the subsidy over the 12 weeks there is no paying back.

Share this post


Link to post
Share on other sites

1 minute ago, Peter R S said:

My take is that if the employer pays that employee more than the subsidy over the 12 weeks there is no paying back.

Correct so when they start work tomorrow wages are subsidised for at least another 6 weeks  , that's a huge saving for employers and increases their profits which end up in the employers back pocket , effectively employers keep the money .

Share this post


Link to post
Share on other sites

1 hour ago, TurnyTom said:

Agree Leo

It is simple, racing participants got the Govt handout for 12 weeks but what they are asking for now is unrelated to Covid19 - it is the simple reality of a horrendous state of affairs due to mismanagement.

Does Bauer media ring any bells, similar situation

Racing will not get one dollar and so it shouldn't IMHO, but well done MP taking a stand the industry leaders haven't and therein is the historical issue

MP took a stand but imho the article comes across demanding and read badly for a non racing audience who are hurting .

This we've paid tax dollars is BS ,tax dollars are  not a saving fund to draw on that's held for the payee  , it pays for health service , defence , policing , schools , pensions , medication via Pharmac etc .They are already cutting funding for a new lung cancer drug due to costs . So if racing is bailed out why not bail every single tourist operation , restaurant and pub . Most would have been better managed than racing . 

How many trainers threatening to leave were happy with the 23 mill tax payout for AWT and demanded more AWTs on tax payer dollars  , it's want want want and it's a right turn off even for punters and I've spoken to a few . They have had a guts full of the culture of entitlement  .

Share this post


Link to post
Share on other sites

15 minutes ago, Peter R S said:

My take is that if the employer pays that employee more than the subsidy over the 12 weeks there is no paying back.

I'm talking for example where let's say the employee is paid exactly the $585 per week for 6 weeks then returns to full time work. I thought the remaing 6 weeks subsidy had to be passed on to the employee at that point, not pocketed by the employer?

Share this post


Link to post
Share on other sites

3 minutes ago, Leggy said:

I'm talking for example where let's say the employee is paid exactly the $585 per week for 6 weeks then returns to full time work. I thought the remaing 6 weeks subsidy had to be passed on to the employee at that point, not pocketed by the employer?

I think that is correct.

Share this post


Link to post
Share on other sites

4 minutes ago, Pam Robson said:

I think that is correct.

Employers probably wouldn't want to do that until the end of the 12 week period in case we revert to level 4 in the interim but a  reconciliation done at that point and any surplus paid out. The subsidy is to retain employees, not to fund businesses which are acting as an agent for the employee subsidy.

Share this post


Link to post
Share on other sites

What happens if racing gets the big bailout , then law gets passed and Avondale or the like gets seized and sold for many many million like in the pre covid plan  . Then in a two years time the Derby is worth Million bucks again and excesses return while the battlers race for 2 bucks again  . Then a family member gets turned down for life saving treatment because there's no money for it . I'd be pretty pissed off , it's no fantasy they will still be after selling up all these tracks .

Share this post


Link to post
Share on other sites

2 hours ago, poundforpound said:

Fletcher Building got NOTHING ....FFS can you not understand that the subsidies are for employees...the government is just using employers to administer a temporary emergency benefit to their employees.

The media industry gets it multiple ways ( so that silly bitch can get more good and free publicity ) because their employees get the subsidy and the parent company simultaneously gets a lump sum payout, plus they got a commitment for extra advertising by the government, rather than using FB etc...

That’s how the alternation seeking drama queen gets so much favourable press and how she’s cunningly politicized Covid19 

Racing will get nothing because it deserves nothing....and in case you didn’t know Winston has been given a yellow card by “two rows of teeth” because he’s been naughty again....and he’s busy dealing with the SFO 

Don't get me started on Mother Teethresa

Share this post


Link to post
Share on other sites

13 minutes ago, Peter R S said:

I don’t think that is correct.

Thats how hard it is to see the future, everyone had a different take on things.

Maybe someone on here can clarify. Can't immediately find where I read that now.

Share this post


Link to post
Share on other sites

Would there be a case of every sport / code getting exactly their cut of TAB profit wagered on their sport/code and no pokie money to pro sport at all if the taxpayer  gave a handout, maybe govenment could tie that in for the handout  . I know Rugby , Football, Netball and League at community  level are hurting bad at moment  , cricket luckily got through most of season but rumblings are they are  are willing to chip in later in season and forego a bit of time early season in Spring , no doubt that will cost them but if so good on them if they do .

Share this post


Link to post
Share on other sites

1 hour ago, Leggy said:

Maybe someone on here can clarify. Can't immediately find where I read that now.

This came in an email from Trainers Assn (forwarded to me by Owners Fed) last week, a bit light on evidence and not exactly on topic but it aligns to my thinking.


STAFF WHO LEAVE DURING THE 12 WEEK SUBSIDY TERM
You may have had staff who have resigned/been terminated and you have received a subsidy for them for 12 weeks. A trainer has received the following advice from Government in regards repaying the subsidy:

If you have employees resign, leave or are terminated during the subsidy period, you are not required to repay subsidy – you should use this to assist with making final payments to resigning/terminated staff and if there is additional money left over you could use this for supporting other employees/your business.

Share this post


Link to post
Share on other sites

1 hour ago, Peter R S said:

This came in an email from Trainers Assn (forwarded to me by Owners Fed) last week, a bit light on evidence and not exactly on topic but it aligns to my thinking.


STAFF WHO LEAVE DURING THE 12 WEEK SUBSIDY TERM
You may have had staff who have resigned/been terminated and you have received a subsidy for them for 12 weeks. A trainer has received the following advice from Government in regards repaying the subsidy:

If you have employees resign, leave or are terminated during the subsidy period, you are not required to repay subsidy – you should use this to assist with making final payments to resigning/terminated staff and if there is additional money left over you could use this for supporting other employees/your business.

Yes. But that's if they leave during the subsidy period. Not if they remain employed and are re-engaged during that time.

Share this post


Link to post
Share on other sites

As I said, not exactly on topic, but any repayment of subsidy is going to be less likely if the employee is still there after 12 weeks.

You asked for where to look for the answer, sorry that the only place I’ve seen with anything like the answer.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.