Posted by Franz Huber on Aug 03, 2018
Is the excitement of Horse Racing a good counter weight to the minutiae of scanning your clients’ books to ensure they are not caught up in the net of the ATO? Our member Doug Lipp, by profession the principal of a well established Public Accountant, was first hooked on horse racing way back in 1959, when he saw Blueden win the Toowoomba Cup. It paid a staggering 20:1…  Blueden became one of the most successful horse of its era, winning 14 races in a row – keep in mind that in those days, there were much fewer races than are today, so winning 14 in a row was, well, extraordinary.  50 years later, in 2009 Doug’s cousin Rex Lipp won the same race.
Doug and his charming wife Suzie have been very active in horse racing (as owners, not as jockeys or trainers… J).  Still, Doug admits that on occasion he has no aversion to placing a bet, but “You need to look at is as ‘entertainment’.  My limit is $50.00, so it won’t break the bank” is his advice.
Horse Racing can be a quite expensive sport to participate.  The cost to own a horse is approximately $70.00 per day when it is in training. “Some people have 10 horses and have never won a race…!”  The advice he got when he started in this game: Put yourself in the best company, put your horse in the worst company”. In other words: put your horse in the lowest racing class possible which thus gives it the highest chance of winning.  And the prize money is nothing to be sneezed at: Just jump on to Queensland Racing’s website http://www.racingqueensland.com.au and you can get statistics as well as video replays of any race going back for years. So, for example, one of the recent races (Moreton Cup) in which  ‘In His Stride’ (Sue Lipp is a part owner) ran, the 1st prize was $175,000, and even 6th won $5,250 – but, in this instance, he came just 9th. There is of course an entire science on how to select a horse – there isn’t sufficient space to elaborate on this. Interesting though is that, whilst having a sire or dame that has reached the pinnacle of horse royalty does not guarantee success for their offspring.