help please

[system]

guys can anyone help me with taxs laws reguarding winnings cause it seems if ato deems your running it like a bis you pay tax.if

[Shaun]

If you don't have any other interest in racing...like owning horses manage jockeys or anything else to do with the racing industry you are pretty safe...but my suggestion would be if you get to a level that you feel will be a problem then invest some of you money in a low interest savings account that way you would pay tax on your interest but not your winnings

[Shaun]

11. Professional gamblers

Q: How does GST affect a person carrying on an enterprise of gambling (eg professional gambler)?

A: A professional gambler is not required to account for the GST on their net winnings, as they have not made a supply in connection with the receipt of those winnings.

If a professional gambler is registered for the GST, he or she is entitled to input tax credits on things that they acquire for use in their enterprise. However, there is NO entitlement to an input tax credit on the acquisition of gambling supplies ie placing a bet. This is because GST on the supply is charged on the margin of the supply. Input tax credits are not available for acquisitions where GST on the supply was charged on the margin.

[system]

thanks mate your 1 of a kind

[Shaun]

I am still looking for stuff...searching the ATO website...this is one of those things where if the tax department wants you i think they would get you

http://law.ato.gov.au/atolaw/results.htm?basic=%22gambling%20winnings%22

from what i have read if you don't try to claim your losses you have a better chance of staying out of there eyes....but you still need some kind of income to substantiate your cash income....any advice pron any real pros on here.

[partypooper]

I reckon open enough accounts in family members/ mates names and keep QUIET!

[system]

lol thanks party pooper.

[topsy99]

i have not known of anyone being taxed.
the problem is where do losses become deductible and winnings being taxable.
the tax department probably doesnt want to go there.

professional gamblers are a rare breed and i think the ato would recognise this.

[Shaun]

From what i have read most cases concerning tax and gambling happen when an individual has thier own business or what ever and they lose a lot of money so they try to cliam it back as a business expensense but the problem is the fail to account for times when they were winning and not paying tax