Help & FAQ
The cost of listing is $165 (inc GST) per Lot.
HOW MUCH DOES IT COST TO LIST MY HORSE?
ARE THERE ANY SELLER (VENDOR) FEES?
Sale commission is charged at 5.5% (inc GST) of the Final Sale Price of the Lot.
All lots sold are subject to a compulsory Thoroughbred Breeders Australia (TBA) levy of 0.385% (inc GST) of the final sale price, which Magic Millions passes onto TBA.
There are no fees charged to the vendor on unsold lots, except the initial listing fee.
BUYER GST ON SALE PRICE
GST applies to the sale price and is usually 10%. On some lots the GST will be stated as 100% GST now applies which means the full 10% applies and all sellers are registered for GST whereas when initially listed that may not have been the case. If for instance 50% GST is listed that means half the GST applies (effectively 5%). The GST that applies can be lower than the standard 10% in a situation where one or more of the sellers runs a hobby business and therefore is not eligible for GST (the ratio depends on the shares involved). Most businesses can claim GST on their Business Activity Statement (BAS). If buying as a hobbyist without an ABN you can not. Those exporting horses may also be exempt from GST if they lodge an export declaration in a timely manor.
Please seek further advice from a tax professional if you need further information. The GST will not exceed 10% of the purchase price and if no percentage of GST is mentioned specifically it would be 10%.
MY LISTING SOLD. WHEN DO I RECEIVE THE PROCEEDS OF SALE?
Vendors will receive proceeds of sale of a Lot within ten days of the purchase, provided the sale of the Lot is completed in accordance with published terms and conditions.
CAN I INSPECT THE HORSE AND ARRANGE A VET CHECK PRIOR TO BIDDING?
Yes, both vet checks and inspections can be arranged by contacting the vendor throughout the duration of the sale.
I HAVE PURCHASED PREVIOUSLY AT LIVE AUCTIONS CONDUCTED BY MAGIC MILLIONS, WILL I BE APPROVED FOR THE SAME TERMS?
Your regular payment terms for live auctions do not apply to purchases via magicmillions.online. You must register, apply and receive bidding approval. Payment of purchase is required on receipt of invoice, unless otherwise agreed.
I HAVE BIDDING APPROVAL, HOW DO I INCREASE MY LIMIT?
You must contact Magic Millions directly to change your approved bidding limit. Please email [email protected] or telephone 61 7 5504 1200. If you require technical assistance, please email [email protected]
IS MY PURCHASE INSURED FROM THE FALL OF HAMMER?
No, “Fall of Hammer” insurance is not available.
For insurance cover by arrangement, please contact, ASAP after purchase, one of our helpful team at Magic Millions Insurance (a subsidiary of HQ Insurance) on telephone: 61 2 8913 1650 or email [email protected] to insure your purchase. If you have an existing broker with Magic Millions Insurance, please feel free to contact your broker directly: Sara Ryman 61 417 277 464; Caitlin Agnew 61 419 283 330 or Dean Morley 61 428 197 023.
I HAVE BEEN SUCCESSFUL IN PURCHASING A LOT, WHAT STEPS DO I NEED TO TAKE NOW?
Shortly after the auction you will receive an invoice for your purchase and contact details of the vendor via email.
Immediate payment of your purchase is required unless otherwise agreed prior to the sale commencing.
Magic Millions will notify vendors to release a sold Lot once the purchase has been completed.
A period of five (5) days following completion of purchase, is available to Buyers to make all necessary arrangements for their collection of the horse. After the first five (5) days the vendor is entitled to charge the Buyer for ongoing expenses such as agistment and feed. We recommend Buyers keep Vendors well informed of their plans for the transport of the Lot.
WHAT IS THE COST TO REGISTER ON THIS SITE?
Nothing. There are no registration fees for buyers or vendors. Note you must register separately to buy and/or sell via magicmillions.online.
WHAT IF I FORGET MY BIDDER ID AND/OR PASSWORD?
From the home screen, click “Login”, this will take you to a screen which includes a “Forgot password?” link. Enter the email address you used to create your account and hit “Submit.” Both your Bidder ID and password will be emailed to you.
Please note that usernames are NOT case sensitive but passwords ARE case sensitive.
CAN I CHANGE MY CONTACT INFORMATION?
HOW DO I LIST A HORSE TO SELL?
Click “enter a horse” and you will be directed to the Magic Millions Online Entries system. Enter your email address under “REGISTER (new user)” and follow the steps. You can enter Lots for both online and live auctions via this facility. If you have already utilised this interface to enter Lots in a live Magic Millions auction, please use your existing user details.
IS THIS SITE SECURE?
Yes. Your transactions are protected by the latest encryption technology.
HOW DO I FIND WHAT I'M LOOKING FOR?
You have several options:
- We offer a quick search form on the front page for you to enter keywords to search.
- We offer an Advanced Search page for you to refine your search criteria.
- We offer browsing filters when you are browsing by category.
- If you already know what you are looking for you can browse the categories listed on the left side of the site's pages.
CAN I SAVE ITEMS TO REVISIT LATER?
Yes. You can maintain your own "favourites" list within your account. Each listing on our site has an "add to favourites" link. Simply click that link and we will add that item to your favourites list.
WHAT IF I CAN'T FIND WHAT I'M LOOKING FOR?
You can set up search filters within your account area. Our site will then screen all new listings, as they are placed on the site, and if an item is listed that meets your filter (search) criteria, we will automatically send you an email notification.
HOW DO BUYERS AND VENDORS COMMUNICATE WITH EACH OTHER?
We provide buyers with the ability to contact the seller through a form that is accessible on each of the seller's listing pages. The seller will then be notified by email of the buyer's questions.
HOW DO I BID ON A LOT?
Find the Lot that you are wanting to bid on and click on it so you are at its listing page. Click the yellow button in the blue box “Place A Bid”. Enter the Maximum Bid Amount you would like to bid and click “Confirm Bid.” Confirm the amount you entered is accurate and click the blue button “Verify Maximum Bid Amount.” You will either get a message stating that you are the current high bidder or, unfortunately, you will receive a message that someone else has entered a higher maximum bid amount previously and you have been outbid. If you have been outbid, you will have the option to raise your maximum bid amount if you so choose.
WHAT IS A MAXIMUM BID?
The maximum bid (or proxy bid) is the top dollar amount you are willing to pay for a Lot. This will allow the software to continue to bid on your behalf if the next bid increment is met by another bidder. It will save you from being outbid in the final minutes of the auction and allows you the freedom to step away from the auction and let the software do the work for you.
For example, the next necessary bid for a Lot is $1,000 but you know you are willing to pay $2,000 for that horse. When placing your bid, you would enter a $2,000 maximum (proxy) bid. The software will show that the current bid is $1,000 and the next necessary bid is $1,250. Bidder B bids $1,250. They receive a message that they have been out bid, the software bids $1,500 on your behalf and now the next necessary bid is $1,750. Bidder C bids $1,750, they are informed they are out bid, the software bids $2,000 on your behalf and now the next necessary bid is $2,250. If the auction ends, you would win that Lot for $2,000. If Bidder D places a bid of $2,000, you are still the current winning bidder as you placed your $2,000 proxy bid first.This can be confusing for some customers but the maximum bid will get priority over other bidders for the same amount, please contact Magic Millions for further clarification directly or through our contact page.
WHAT IS A DIRECT BID?
By placing a Direct Bid a bidder can surpass the current minimum bid and its applicable increment. Enter a bid of any amount (up to your approved limit) to increase the current high bid directly. NOTE: A Direct Bid cannot be changed or retracted once placed.
WHAT DOES EXTRA TIME MEAN?
Each auction listing has a designated Auction Close time BUT, if a bid is placed on a Lot within the final two (2) minutes prior to Auction Close, the Auction Close will be changed to two (2) minutes remaining from the time that bid is placed. The Auction Close will not occur until such time that no bid is placed within the final two (2) minute period. For example, if the Auction is scheduled to end at 8pm and a Bidder places a bid at 7.59pm, all other Bidders will be granted two (2) minutes from that time to place a final bid. The Auction Close will therefore be postponed to 8.01pm, if no other bids are placed.
HOW DO I RECEIVE A TEXT NOTIFICATION IF I AM OUTBID DURING AN AUCTION?
- Log In
- Click "My Account"
- Click " Account Information"
- Click "Edit Profile Settings"
- Click "Yes" for Enabling SMS (text) Notifications when outbid
- Click "Save My Settings"
- You will receive a text alerting you that you have enrolled in SMS Notifications
- When you are outbid, you should receive a text alerting you as such.
HOW DO I KNOW IF I'M SUCCESSFUL IN PURCHASING A LOT?
If you are the winning bidder at the end of an auction, you will receive an automated email from Magic Millions letting you know that you are the winning bidder and providing you with further important instructions to complete the purchase process. In addition, you can always log into your account and go to the “My Account” page to see your bidding/winning history. Please note, that all bids are considered binding and if you are the winning bidder, you will be responsible for paying the purchase amount regardless of notification from Magic Millions. By using the website you acknowledge that you have read and accepted the terms and conditions of sale.
What are the bid increments?
How do reserve prices work?
A reserve price is the minimum amount the seller is willing to accept for the entry. This means that a final bid that is equal to or greater than the specified reserve amount will be accepted as a winning bid.
For example, if an entry has a reserve price of $10,000 - a bid that equals $10,000 or greater will be accepted.
CAN I BE LOGGED IN TO MULTIPLE DEVICES AT THE SAME TIME?
No, for security purposes, you can only be logged into an account on one device at a time. Be sure to logout, when switching from a phone to a computer. It's a good security practise to logout when you leave your device.
ONLINE/DIGITAL ONLY SALES
The "Online" or "Digital" Sales might be terminology you hear from time to time. This simply means the sale is totally conducted online and doesn't have a sales ring component.