THE tax office cannot seize half of Shamus Award's Cox Plate winnings in part-payment for racing identity Sean Buckley's tax debt, a judge has ruled.
The Australian Taxation Office is involved in an ongoing legal battle with Mr Buckley and was seeking his share of the Cox Plate prize money to help pay off a tax debt of more than $11 million it says he owes.
But the Federal Court on Tuesday ruled that racing syndicate Ultra Thoroughbred Racing is the legal half-owner of Shamus Award and is entitled to the half-share of its winnings.
The tax commissioner had issued a garnishee notice to Racing Victoria but Justice Tony Pagone ruled that Racing Victoria does not have to hand over the horse's prize money to the ATO.
Shamus Award earned $1.85 million for winning the Cox Plate.
The legal action was over $900,000 in prize money from the Cox Plate and $43,000 for placing third in the Caulfield Guineas.
Under a 2005 agreement, Ultra Thoroughbred Racing - whose parent company is Mr Buckley's car service franchise business Ultra Tune Australia - acquired Shamus Award but registered it in Mr Buckley's name.
The agreement provided that any winnings from the horses covered by the contract, including Shamus Award, belonged to Ultra Thoroughbred Racing and not to Mr Buckley, the judgment said.
The other half of the horse belongs to G&C Pastoral Syndicate.
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