Did anyone else read the article in todays Sydney Telegraph re the Aussie guy who took out the $10 million poker tournament in the US a few months ago?
Apparently there was some conjecture on whether he was liable to pay tax on the winnings back here in Australia. The ATO ruled that as the guy already had a full time job as a mortgage broker that playing poker was his hobby and therefore not liable to pay any tax.
It was only a small article but the way it was worded the so long as the income in question is deemed to come from a hobby you aren't liable to pay tax regardless of the amount.
Maybe Peter could comment on this one?
Apparently there was some conjecture on whether he was liable to pay tax on the winnings back here in Australia. The ATO ruled that as the guy already had a full time job as a mortgage broker that playing poker was his hobby and therefore not liable to pay any tax.
It was only a small article but the way it was worded the so long as the income in question is deemed to come from a hobby you aren't liable to pay tax regardless of the amount.
Maybe Peter could comment on this one?