TEN THOUSAND POUNDS

Waikato Independent, Volume XXI, Issue 2488, 29 December 1921, Page 5

TEN THOUSAND POUNDS

ONE DAY'S WINNINGS BIG SCOOP FROM HURDLER How a racehorse trainer made nearly £IO,OOO in one day with a horse that had been given him was told in the District Court, Melbourne, recently. Louis Robertson, a trainer and farm manager, was charged with having made false Federal income tax returns for the years 1916, 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 made Ro~6erteon submitted a return showing that his gross income in each of 1916, 1917 and 1918 was £312, and .that his next taxable income was £lB5 in each year. An investigation of his bank showed that in 1916 his net taxable income was £2440 10s, in 1917 £676 3s 2d, and 1918 £3685 3s 6d, Robertson told Pinner that his salary of £5 a week would not pay his personal expenses, and that he relied 92, punting for his income. Robertson had been allowed all possible deductions, including large sums paid to jockeys for riding engagements during that period, amongst which were the following: Foulshanr, £500; Accola, £556; Dempsey, £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 told by counsel. Robertson, he said, came to Australia from New Zealand in 1908, bringing a few hundred pounds and a racehorse. He worked and made money until 1912, when a friend gave him a horse called Wingarra. Quickly appreciating its value, he spent most of his time training the horse, and in. the same year entered him for the Grand National Hur* die Race. Robertson backed the horse to win £6OOO, and was laid £IOOO to nothing by the drawer of the horse in Tattersall's sweep. How Wingarrawon the race was now history, and Robertson won £6OOO in bets, £IOOO from the winner of .Tattersall's,: and over £2OOO in stakes. With the £IOOO ho had saved he had capital of well over £IO,OOO. In 1913 he jointed ,A. and G. Tye, and took.over the management of their racing stables and stud farm, "Allendale," at a salary of £5 a week and five per cent of the stakes won by the stable's horses. For 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 cent of all. winnings, and a refund of-all the expenses out "of the firm's half of the" winnings. Lavendo Wins In 1912 the Tye Brothers had .borrowed £3OOO from Robertson.. c ln 1915 Robertson entered Lavendo ' for ; the Caulfield Cup, and the stable wort £SOOO, Robertson's share being £2500. These winnings he lent to the Tye Brothers. From 1916 to 1917 Robertson lent further sums until the Tye Brothers owen him about £7OOO. During these two years the Tye 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 settlement they paid hini £5935 'on sums of money-borrowed. Nointerest was paid.

Mr Mann contended that Eobertsoii-, Was taxable v only on his salary, because according to a recent decision given in - New South Wales, money won by betting by anyone who did not conduct betting as a business could not be taxed. Eobertson 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 Eobertson'a capital, and also could not be taxed. In fining Eobertson £6O (£2O on eaefc charge), Mr Phillip Cohen, S.M., said that a man who won so many thou-, sands of pounds must havo known it was his duty to submit returns and let the department decide what amounts wero taxable.