Interesting article chaps (best not be specific?)

http://www.theaustralian.com.au/bus...x-1226405991293

Note para 4 and the last!

LG

PS If you cant read the post bc Rupert has pay-walled you out, just put the following into Google...

Gambler's tax fight 'could set precedent'

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The trick isn't finding profitable angles, it's finding ones you will bet through the ups and downs - UB

$36m gambling business just a hobby

Interesting read.

LG

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The trick isn't finding profitable angles, it's finding ones you will bet through the ups and downs - UB

Not bad, just on 2.7% POT

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One Drive

"If the corporates are treating you poorly , just go elsewhere."
"If they need you , they will soon find out."
"If you need them , you will soon find out." --moeee
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ahh those TAB kickbacks are just wonderful, aren't they...

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"Now let me get this straight - Whatever I do don't bet this horse?"

I wonder if that profit was before or after the kickback.

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One Drive

"If the corporates are treating you poorly , just go elsewhere."
"If they need you , they will soon find out."
"If you need them , you will soon find out." --moeee
_______________________________________________

the rebates would be the issue.

I bet the TAB's claim those as business deductions. I'm thinking the ATO can argue the rebate is assessable income, regardless of whether the operation is a gambling exercise.