Federal Budget to hurt athletes
When the Federal Budget was announced last week there was a nasty shock for Australia’s athletes.
Under the new plans, athletes will no longer be able to sign their image rights over to a company meaning they will have to pay significantly more tax – which puts the livelihood of sportspeople around the country in jeopardy.
Jacob Holmes, General Secretary of the Australian Athletes’ Alliance, spoke to David Morrow and Tiffany Cherry on Macquarie Sports Radio Mornings about how the budget changes will affect athletes.
“The basic premise is the fact that up until this budget announcement, which came with no consultation or communication with us, athletes were able to portion, for some 10%, and for many, much more than that for our highest profile athletes of their income for the use of their image rights.”
“They often will get paid for their employment with their club or a league or competition and then on top of that, they’ll do some promotions in terms of their image and marketing and licencing of that nature and with that money, they were able to put that into a trust or a third-party entity which could then be taxed at a smaller or lower rate.”
Click PLAY below to listen to the full interview