- May 5, 2014
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- Gold Coast
I had always been under the impression it was considered a "windfall through luck", but now when I Google I see things that it's dependant on:
I have had a pretty strong year this year on the punt (made about $70K), after a couple of reasonable years leading in, but nowhere as big, and am wondering how I could be affected.
Firstly, how does this affect tax when considered with annual salary made through a job, and secondly, with a bigger bankroll going forward, hypothetically, what happens to those in Australia who fit into the $120K+ a year tax bracket from their gambling, and are using it as their only form of income (IE it's essentially their job).
If true, successful bettors in Australia can enjoy:
Being taxed by both the government and Betfair/ Pinnacle, meaning it's almost impossible to have any edge on any bet you ever make.
What are the sharps of the forums' experience?
sohohoho NonPhixion
- The volume and size of the bets - That would be pretty much anyone who is making a decent amount of money from betting
- Whether the gambler is engaging in betting for "pleasure or profit" - Again, anyone that makes decent money isn't going to be a mug who is thrill-seeking, instead they would be putting all things that involve increasing their bottom line first
- If the betting is done in a "systematised or organised way" - I don't think anyone could really be profitable unless there is at least some level of system or organisation to how they go about approaching their betting
I have had a pretty strong year this year on the punt (made about $70K), after a couple of reasonable years leading in, but nowhere as big, and am wondering how I could be affected.
Firstly, how does this affect tax when considered with annual salary made through a job, and secondly, with a bigger bankroll going forward, hypothetically, what happens to those in Australia who fit into the $120K+ a year tax bracket from their gambling, and are using it as their only form of income (IE it's essentially their job).
If true, successful bettors in Australia can enjoy:
Being taxed by both the government and Betfair/ Pinnacle, meaning it's almost impossible to have any edge on any bet you ever make.
What are the sharps of the forums' experience?
sohohoho NonPhixion