Queensland Drivers Superannuation
Racing Queensland is currently developing the requirements and system capabilities for the introduction of Drivers Superannuation in Queensland.
Racing Queensland will commence the administration of superannuation contributions for Queensland Drivers from 1 January, 2017 subject to drivers providing Racing Queensland with the nominated superannuation fund choice form with first superannuation payments due in April 2017.
As part of the process of payment of drivers fees and Drivers Superannuation Racing Queensland will re-introduce the agency arrangement which merges driver fees into prizemoney.
In practical application terms, the total purse for each race will increase between $450 and $630 (based on the relevant maximum field size for each race, usually 10-14 starters) and this will be paid to owners to cover the $45 driving fee. RQ will then invoice owners $45 for the driving fee and pay the drivers directly the $45 driving fee.
Please note that the above example excludes the GST implications.
As such current prizemoney distributions will increase by $45 for every starter from first to last at all TAB meetings.
- $2,500 race (10 starters) becomes $2,950
- $3,501 race (10 starters) becomes $3,951
- $3,501 race (12 starters) becomes $4,041
- $5,500 race (12 starters) becomes $6,040
- $7,000 race (12 starters) becomes $7,540
- $7,000 race (14 starters) becomes $7,630
- $11,000 race (12 starters) becomes $11,540
- $11,000 race (14 starters) becomes $11,630
The table below indicates examples of the prizemoney breakdowns:
The introduction of Drivers Superannuation and the inclusion of driver fees in prizemoney will have no effect on prizemoney distributions or the overall prizemoney budget as allowances had been made in advance when determining budgets for the 2016/17 Financial Year for the anticipated introduction of Drivers Superannuation.
All licensed drivers are required to provide details of the Superannuation Fund of their choice to Racing Queensland by providing a completed nominated superannuation fund choice form. If you have not received your form or require assistance, please contact the Racing Queensland Finance Department.