TAX ASSESSMENT
ON LIMERICK’S WINNINGS
MR. KNIGHT’S APPEAL DISMISSED
Sydney, October 14. In the Court of Review, Mr. H. A. Knight, owner of the racehorse Limerick, appealed against the amount of assessment by the Commissioner of Taxation of his income for the year ended June last in relation to the winnings of Limerick and other horses brought bv him to Sydney. Mr. Knight contended that he was not liable for the tax, as the income represented prize moneys won by his racehorses, principally Limerick. He argued that he was not carrying on racing as a business, but' for sport and pastime, and for the purpose of raising the standard of the sport, and th£t monetary gain was never the purpose in connection with his horse-racing. The Commissioner claimed that the prize money and stakes were profits of business and liable to taxation. The Court dismissed Knight’s appeal.
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Bibliographic details
Dominion, Volume 21, Issue 18, 15 October 1927, Page 10
Word Count
147TAX ASSESSMENT Dominion, Volume 21, Issue 18, 15 October 1927, Page 10
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