31st May 2014, 10:33 AM
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Member
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Join Date: May 2013
Posts: 102
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Good points UB. As far as I know there have been no specific rulings from the ATO on it, and there isn't enough precedence to cover the full gamut of gambling activity so in my opinion it's still a grey area. But everyone has their own take on it. I don't have the links handy, but the in two of the cases I recall they were neither getting rebates nor trading out. Even if you could beat the ATO, the stress, time and expense of being dragged through the courts is another reason to avoid operating in a business-like fashion.
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