Page 7 Advertisements Column 5

Taranaki Daily News, 27 February 1920, Page 7

A pcTson {fortunate chough to "strike" Tattersall's loses a goodly proportion of the prize through taxation, though the sweeps are banned by law (says the Melbourne Age). The'ques- ! tion was asked at a lfieture by Mr 11. \V. Buckley to the Students' Society of the Incorporated Institute of Accountants . whether at common law the Federal Government could be compelled to allow as deductions money spent in the purchase of sweep tickets that failed' to win a prize. Mr. Buckley, who was formerly chief assessor in tlie Federal taxation office, said that if a man won £SOOO it would be taxed as income, and the cost of the ticket that produced the income iould be claimed as a deduction. During the course, of his lecture on the Federal taxing machine, Mr. Buckley showed that the graduated system 'of taxation operated harshly in some cases. In one instate, a man's income exceeded that of i|>.. previous year by £7. His income liming reached a certain peak, he paid a different rate in the pound, with tho result that for his increase of ■<", 1„ R'M taxed «.n additional £«