Racing NSW insists $1 house deal completely above board

Racing NSW says it followed the correct protocols in a deal which involved it securing a property near Bathurst racecourse through now-chair Saranne Cooke.

Racing Minister David Harris had promised to look into the deal after it was raised in an estimates hearing earlier this month by independent MP and noted Racing NSW critic, Mark Latham.

Cooke, then deputy chair of Racing NSW, purchased a property in Gilmour Street, Kelso in 2021, and then on-sold it to Racing NSW in February 2022. The original purchase price was $985,000, before it was then moved on to Racing NSW for $1 eight months later.

In the meantime, around $13,000 in rent had been collected on the three-bedroom house.

Latham had put further questions on the matter on notice to Harris via John Graham, the deputy leader of the Upper House. Graham replied last Friday to Latham on Harris’ behalf after enquiries with Racing NSW.

Racing NSW has stated that it had purchased the property under a bare trust arrangement in accordance with relevant provisions of the Duties Act 1997 (Duties Act). It said Cooke acted as an agent of Racing NSW under the arrangement.

It stated that it paid all applicable stamp duty when it became the beneficial owner of the property on settlement in July 2021, and as beneficial owner, it managed the leasing of the property, collected and retained all rent received and incurred all expenses relating to the property.

It also stated that Cooke didn’t receive any income related to the property and, as such, no disclosures were required concerning pecuniary interest declarations.

The regulator said it disclosed the payment of the deposit in its 2021 annual report and payment of the balance of the purchase price and stamp duty in the 2022 annual report.

“Racing NSW applied, and received approval, for an exemption relating to the subsequent transfer of title from the trust to Racing NSW from Revenue NSW,” the statement from Graham read.

Revenue NSW confirmed Racing NSW’s statement on the use of the bare trust arrangement, the correct payment of stamp duty and the approval of a concession to the subsequent transfer of the property.

Latham’s additional questions on Racing NSW’s ongoing management of the property went unanswered.

Straight Shorts – Tuesday March 4 – Racing NSW property deal in spotlight, Payne family in mourning, Anthony Cummings withdraws appeal, cyclone impacts Millions sale

In today’s Straight Shorts, NSW Racing Minister David Harris says he will investigate a property transaction involving Racing NSW chair Saranne Cooke, the sad passing of Bernadette Payne, Anthony Cummings gives up licence fight, Magic Millions makes cyclone contingency plans.

The StraightStaff Writer