TROTTING CUP

Waikato Times, Volume 125, Issue 20923, 30 September 1939, Page 13

TROTTING CUP

ADDINGTON NOMINATIONS (Special to Times) CHRISTCHURCH, Friday Following are the nominations for the New Zealand Trotting Cup, of £2500 and gold cup valued at £IOO, limit 4.25, two miles.—Blair Athol, Parisienne, Lucky Jack, Colonel Grattan, Pot Luck, King’s Warrior, Ironside, Cantata, Plutus, Graham Direct, Fine Art, Lawn Derby, Our Globe, Rocks Ahead, Grand Mogul, Renown’s Best, Marsceres, Bonny Azure, Gallant Knight, Donald Dhu, King’s Play. Although the limit of the Trotting Cup is fixed at 4.25, provision has been made for horses assessed at 4.26 and 4.27 to contest the race, and a special condition is attached giving the committee the right to finally select the horses they consider worthy of going to the post. The winner will receive £I3OO and a gold cup valued at £IOO, second £6OO, third £4OO and fourth £2OO. In the event of a horse whose present assessment is 4.26 or 4.27 being third, the stake for that position will be increased to £SOO. partners to form private companies and thereby divide the income derived by tf.em into two portions and so secure a lower rate of tax. The Commissioner of Taxes is empowered to disallow such portion of the payments by proprietary companies to the shareholders or relatives as he considers in excess of the value of the services rendered. Cases have occurred of private companies paying to directors and to relatives of directors or shareholders sums in excess of the value of the services given by these persons to the company. The effect of this is to reduce the total income of the company and so reduce the rate of tax payable by it. In cases where it appears to the commissioner that a business controlled by non-residents is not returning the true amount of profit he may make an arbitrary assessment of the tax to be payable by such companies. Objections Committee The bill provides for the appointment of a special committee to make recommendations to the Minister of Finance in respect of objections to arbitrary assessments lodged by taxpayers. The committee is to consist of the Commissioner of Taxes, the Solicitor-General and the Secretary to the Treasury. Several clauses amend the law relating to tlip assessment of income derived by trustees. Traders in the Cook Islands, who have previously paid no income tax whatever, are brought within the scope of the income tax laws. An important clause provides that land tax levied on land used in the production of assessable income may be claimed as a deduction for taxation purposes. The present law prevents a taxpayer from deducting from his assessable income any income tax, I land tax or employment charge paid !by him. The deduction of income tax 'or social security charge is still ; precluded. | The bill was read a first time. The Wonderful Polish With the Wonderrul Reputation. ROLFE’S WAX ROLFFS WA ROLFE’S WAX