RACING TRUST FUNDS
DEMAND FOR INCOME 1 TAX MONEY USED FOR RELIEF Interest on trust funds of the Auckland District Racing Committee has lately come under the eye of the Commissioner of Taxfes, who has made a demand for payment of income tax covering the past four years. The committee has always regarded these funds as benevolent funds, exempt from taxation, as no one has any legal claims on them and they are used for relieving distressed trainers and jockeys and their dependants. They have been built up as the result of fines imposed on trainers and jockeys at various meetings, and for several years the Auckland Racing Club made donations to the extent of J per cent of prizemoney each season. The interest amounts to over £IOO a year. An application for exemption has been lodged with the Commissioner of Taxes, and the committee is now awaiting his reply.
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New Zealand Herald, Volume LXX, Issue 21560, 3 August 1933, Page 8
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150RACING TRUST FUNDS New Zealand Herald, Volume LXX, Issue 21560, 3 August 1933, Page 8
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