Australian Taxes on Poker / Sydney Accountant

[cheksta]

Hi,I have just moved to Sydney and am looking for an accountant with knowledge of Australia tax laws who can tell me whether or not I have to pay tax on my online poker winnings.Is there tax on poker here? Do you know of any accountants who have substantial knowledge in the area?Thanks in advance.

[garage13]

lag accountants say notag accountants say yes

[HeeHaw]

No.....However, it's always wise to keep records of your winnings so you can prove that income came from gambling. Gambling is one of the few areas the ATO don't double dip, ie. tax the bookie then tax the punter. To be sure though, I recommend contacting the ATO.

[zipping]

U only need to consider the issue of tax if poker income is your main source of income. If u have what would be considered a normal job that is taxed under PAYG then u should be right. Poker is considered a hobby and therefore the winnings are not taxable unless you are a professional i.e. poker is relied on for income

[kokomo]

No tax is paid on any gambling winnings. end of story.

[cheksta]

Kokomo, is there no tax even if it is my SOLE source of income?

[kokomo]

you dont pay tax when you win at the casinoyou dont pay tax when you win at the TAByou dont pay tax when you cash out your online winnings

[HeeHaw]

http://www.smh.com.au/news/national/taxman-to-trump-poker-champ/2005/08/01/1122748572059.htmlSomething interesting I had forgotten about and maybe relevant to you cheksta

[cheksta]

Kokomo,Thanks for your replies. I was just wondering what you are basing this on? Have you spoken to the ATO?HeeHaw,Do you know the outcome of this situation?Cheers

[pomhat]

there is an ATO ruling on horse betters which can be loosely applied to poker players.. it mentions to types of things the ATO will consider when determining whether you are carrying on a business as opposed to a hobbyshort answer is yes, you can be taxed on your poker winnings, but my gut feel is that it is an area the ATO do not really care about