How the Prime Accounting System operates
Prime operates an accounting system to minimise the number of transactions for our owners with trainers and suppliers generally.
This system has worked successfully for 26 years. It’s success relies on prompt payment to us by our owners. For those coming on board, we have excellent payers. Owners who are slow paying their accounts are the biggest issue the industry faces and won’t be tolerated.
Essentially, Prime receives the accounts from the trainer, vet, farrier and other suppliers and settles the accounts with them. Instead of rendering, say, up to 20 accounts per horse, the vendor only has to establish one.
Prime’s accounting system charges you in accord with the percentage of your horse. You pay Prime. The reverse of this is the distribution of prizemoney after deductions, by the racing authority, of the trainer and jockey entitlements.
This is setup when you ‘get into a horse’. The net prizemoney is credited to your account. You pay the difference if you are in debit or you ask us to forward you your balance if you are in credit.
We expect prompt payment of our accounts as we pay our suppliers on 14 days.
Rendering of Accounts
Accounts for ALL SERVICES provided are rendered pursuant to the Agistment Act and in conjunction with details on ‘Arrival Terms and Conditions’.
Invoices are rendered by Australian Thoroughbred Information Services Pty Ltd ABN 45 111 978 039, a member of the Prime Thoroughbreds group.
We charge an administration fee per month, per share, per horse. As at January 1st, 2020 this fee is $33.00 per month (inclusive of GST).
Partnership vs Syndicate
While we promote ourselves as syndicators, effectively the up to 20 owners of a horse are in partnership. It is common that one of the partners is a syndicate. This syndicate is set up, independently of us, with the racing authorities. It will have any number of members and a manager. We stress that it is the Syndicate Manager who receives the accounts and is responsible for settling with us, as described above. If you have 19 mates who form a syndicate, we do not deal, in an accounting sense, with the mates. We deal with the Syndicate Manager. This system works well. Joe O’Neill is the Managing Owner of each horse syndicated by Prime Thoroughbreds.
Terms and method of payment
To ensure that the trainers and other suppliers of products and services are paid on time, our terms are strictly 7 days following the sending of the invoice.
We accept cheques made payable to Australian Thoroughbred Information Services Pty Ltd or ‘ATIS’ and sent to the address below or by Bank Transfer direct to the bank. Our bank details are shown on every invoice.
Pay your account by Credit Card
We also offer an alternate payment option for our clients to pay their accounts by credit card.