Mr J and all --- the Ausrace Forum has treated of the tax angle time and again. Look up the extensive archives.

http://www.murdoch.edu.au/elaw/issues/v2n2/kee222.html

take a look at that for information on taxes

Thanks Shaun.
Makes interesting reading.
Cheers.

Shaun, read it ages ago :wink:

Merriguy, couldn't find their forums?

I think professional gamblers paying tax is a grey area. I say don't worry about it until you have to.

I have not submitted a tax return for a couple of years so I am wondering when the ATO are going to investigate me. Hopefully never.

Mr J., try

http://home.it.net.au/pipermail/ausrace/

Thanks MerriGuy.

For others that are interested click on the link in above post and look for "Taxation of the professional punter" in the May 2004 section.

Cheers

Thanks for the link.

Also check out "No tax" in the August 2004 section on the above link. Makes very interesting reading.

Cheers

My accountant told me a while back that I didn't have to declare any winnings until gambling is your No. 1 income source.

I am in front for the year. I don't bet anywhere near big enough to stop working full-time. If I wasn't married and had a mortgage, I'd have a go full-time, when your single you have less to lose and you don't answer to anyone. I only wish I'd got into betting more seriously earlier (I'm only 34, so there's still time).