£lO,OOO IN ONE DAY.

Manawatu Standard, Volume XLIII, Issue 3105, 24 December 1921, Page 3

£IO,OOO IN ONE DAY.

TRAINER'S WINNINGS. BIG SCOOP FROM HURDLER. .MELBOURNE, Dec. 13. How a racehorse trainer made nearly £IO,OOO in one day with a horse that, hud been given him was told in the District Court yesterday. Louis Robertson, a trainer and farm mannger. was charged with having made false Federal income tax returns for the years 1016, 1917, and 1918. Mr Percy L. Smith prosecuted on behalf of the department, and Robertson was defended by Mr W. J. Mann. J. T. Pinner, an accountant employed by the department, said that after demand had been marie Robertson submitted a return showing thai, his gross income in each of 1916. 1917. and 1913 was £312. and thai his next taxable income Was £lB5 in each year. An investigation of his bank hook showed thai in 1916 his net taxable' income was £2440 10s, in 1917 £676 3s 2d. and 1918 £3685 3s 6d. Robertson told Dinner that his salary of £5 a. week would not pay his personal expenses and that he relied' on punting for his income. Robertson had been allowed all possible deductions, including laure sums paid to jockeys for riding engagements during that period, amongsi which wore the following: Foiilshom, £500; Aceola. £556; Dempsev, £590; Harrison. £450; Herbert. £392;'and Bullock, £647. RISE TO FORTUNE. The story of Robertson's large betting transactions and his rapid rise' to fortune was rok! by counsel. Robertson, he said, came to Australia from New Zealand m 19C3. bringing 11 few hundred pounds and « racehorse, lie worked and made money until 191 k!. when a friend eave him a hoi'st cslled \\ ingaiTii. Quickly apprecialini: its value, he spent most oi his time induing 1 the horse, and in ihe same year entered him for the Grand National Hurdle Ruce. Robertson hacked the horse to win £6OOO. and was laid £IOOO to nothing by the drawer of the horse in Taftersall's sweep. Mow Wingarru won the race was nou history, ami Robertson won £6OOO in bets, £IOOO from the winner of TattersalPs and over £2OOO in stakes. Willi the £IOOO he had saved he had capital of well over £IO.OOO. In 1913 he joined A. and G. Tye. and took over the management of their ; racing stables and stud farm. "Allendale." al a salary of U 5 .1 week and live per cent. of the stakes won by the stable's horses. j I'm various reasons the Tye Brothers were ; short of ready money, and Robertson agreed to conduct the farm with his money, pay all racing expenses, and make bets on the Tye Brothers'' behalf, receiving 50 per : nt. i.l all w una",.':' uul a rt fund of ii' the expenses oin of the linn's half of the \\ innings. I.AVFXDO WINS. In 1912 the Tye Brothers had borrowed £3OOO from Robertson, In 1915 Robertson entered La veil do for the Caullield Cup, and the stable won £SOOO, Robertson's share being £2500. These winnings he lent 10 the Tye Brothers. From 1 1916 to 1917 Robertson lent further aims, until the Tye Brothers owed him about £7OOO. During these Iwo years ihe Brothers did not collect from Robertson various winnings that amounted to between £3OOO and £4OOO. In November, 1918, Robertson left the Tye Brothers, and in a final sell lenient they paid him £5935 on sums of money borrowed. No interest: was paid. Mr Mann contended thai Robertson was taxable only on his salary, because accord ing Io a recenl decision given in New South Wales, money won by betting by anyone who did not conduct belting as a business could not bo taxed. Robertson relied on' his salary to keep him. and not on his turf winnings. The sums of money paid back by the Tye Brothers consisted of Robertson's capital, and also could not be taxed. In lining Robertson £6O (£2O on each charge), Mr Phillip Cohen. P.M., said that. a man who won so ni.tny thousands - of pounds must have known il was his duty lo submit returns and let the department decide what amounts were taxable.