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Has anyone recieved a letter from the above regarding the Australian Transaction and reports Anaylsis centre. They have outlined all my returns from Betfair and overseas Poker sites in the last 2 years stating they are going to amend my tax return due to receieving overseas income.
It outlines that assesable foreign income includes most pensions and annuities, including income such as interest, dividends, royalties, rent, capital gains and personal services income.
I have 28 days to contact the tax office. It is not huge income we are talking about around $10000 per year. I was under the opinion that gambling was not consisdered an income if you have a full time job. If it has to be included can i claim back other gambling losses.
It outlines that assesable foreign income includes most pensions and annuities, including income such as interest, dividends, royalties, rent, capital gains and personal services income.
I have 28 days to contact the tax office. It is not huge income we are talking about around $10000 per year. I was under the opinion that gambling was not consisdered an income if you have a full time job. If it has to be included can i claim back other gambling losses.
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You shouldn't have any problems with your betfair winnings, as they are licenced in Aust.
Seems a bit odd. Are you sure the letter is genuine and have you phoned the ATO ? |
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See an accountant, dangerous to rely on info from an internet chat room. Good luck.
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http://law.ato.gov.au/atolaw/view.htm?docid=ITR/IT2655/NAT/ATO/00001
Your adviser should be aware of this ruling IT2655 from the ATO Legal database. Whilst dated 1991 it remains relevant in that no other precedents have been set since. |
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Not sure if Razor is trying to do a wind-up but
if not,then he should invite, no demand that they tax him on what they have but at the same time present the taxation with incurred losses to be offset against income, Tax Office will retreat, no option no choice. |
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This is a wind up, ATO has better things to do with their time...like chasing Hoges...
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if they are going to assess gambling profits then it wouldnt matter if the profits are within Aust or from overseas.
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I will be ringing the Tax Office tomorrow will post their reply on the site. The majority of the research that I have done states I should be ok but always scary when you get a letter form the ATO. PS the letter is DINKS they have too much good info for it to be a gee up including a list of all dates and amounts of deposits in my bank account.
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Razor, it doesnt sound like they know it is from gambling. Once you explain then i reckon you should be sweet particularly if you have full time job
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hmmm, having worked in the industry for far too long I find the letter you have received railrazor rather bizarre - you sure there isn't a little bit of other (taxable) foreign income mixed in there somewhere as that's the only way I could see inquiry originating, other than that you have little to worry about.
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Yeah , I think there's more to it than Razor's letting on
and Could not give a proverbial Rats A** about any deposits in any accounts, that they have been screening. Matter of Fact go to your nearest TAB/Track and Emu bob the tickets in the bins, anywhere then bag'em up and drop on ATO's desk and tell'em I had a losing day today and will bring the rest of my losing days tickets in a truck !! If your Cr**pping Razors razor its your own doing. Case dismissed. |
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If they tax winnings they will have to provide relief for losses....guess who would win?
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mrbojangles, that statement is made a lot but in practice it doesnt or won't happen. they are not going to allow or assess anyone to be conducting a punting business unless they are regularly making a profit. Try to claim a loss & see how quickly the losses are disallowed.
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if u have a full time job away from the gambling industry, u have got no worries what so ever........FACT
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loggy what if you havent and live off the PUNT
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elsu, u of all people could answer that better than most..........the only case i have ever come across was the ATO tried to shove a "betterment tax" on a person over a 3-4 year period, and i kid you not, he beat them by proving he was a addictive gambler that just got lucky over a period of time by proving that his punting was so dervise that he could not possiblely be a pro betting on such a high number of different sporting events and fields
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I was audited by the ATO in 1996. after retiring as a bookie in 1994.
Through my accountant, I produced all my punting records, and after a three month wait, I was given the all clear. My accountant, who was a former tax investigator, kept reassuring me, that I had nothing to worry about. I have never heard from them again, thank God. |
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well done CASTIRON
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Cheers, Elsu.
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And as such they can Addendum the Creed
"Nothing is certain except Death&Taxes" with the exception of money won on the punt! |
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Thanks everyone I spoke to the ATO on Friday and the only thing I have to supply is a statement of withdrawals from Betfair which Betfair have already supplied me. The bloke at the ATO said as long as your punting is not considered a business it is not assesable. While I have a fulltime job my punting could not be considered a business just a very lucky hobby lol.This statement will be emailed to the ATO on Monday and it should be case closed.
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the way I am travelling it is about time it was taxable
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