Major League Baseball Tips

[Phil McCreviss]

Gday all,

I havent posted my tips on here in a while because I have had issues with the ATO killing me with the winnings from sports handicapping. As most of you who followed my plays found, I was hovering around the mid 70%'s on conversion with over $13k in profit this season alone.

I have decided to start up a website www.handicapking.net which allows me to avoid the tax issues I have had. My handicapping service is now an established business which is available to anyone.

Its only just gone on line so if there are any questions feel free to email me.

Cheers
Phil

 

[johnnyhoward]

The ATO check up on gambling expenditure? Just say you got lucky...you're pretty stiff to get done like that.

 

[Phil McCreviss]

The ATO check up on gambling expenditure? Just say you got lucky...you're pretty stiff to get done like that.

Yep they tracked me back on the the last 4 years and I have made in excess of $30k. I can tell them Im getting lucky but they classify it as income when it comes in over 10k apparently.
Unfortunately they see an amount being deposited every couple of weeks - and it wasnt small amounts

 

[sethlad]

Id get some more advice if I were you.
Income from gambling in Aust is exempt from tax unless you are a professional.

seth

 

[Mr Crow!]

Id get some more advice if I were you.
Income from gambling in Aust is exempt from tax unless you are a professional.

seth

Well, with those numbers ($13k *profit*) he would be considered a PRO, because he is over the tax-free threshold for that 'job'.

 

[Phil McCreviss]

Id get some more advice if I were you.
Income from gambling in Aust is exempt from tax unless you are a professional.

seth

Its what they define as a professional and the threshold is anything over $10k is an amount you need declare. i have spoken to a few experts in the tax field and they have all said the same thing.

Unfortunately I was audited and I didnt bother covering my tracks because I was under the same assumption - that gambling winnings was tax free.

 

[Phil McCreviss]

Well, with those numbers ($13k *profit*) he would be considered a PRO, because he is over the tax-free threshold for that 'job'.

I dont know if this is a cynical post. Think what you like. Those who have been following my tips for almost a quarter of the MLB season on here know I was over 72%. Call it a farce but I would think 11 years of posting profits is a little more than "getting lucky"

 

[sethlad]

Fair enough but that is very different to the advice I live by.
Anyway,your results are good so best of luck.

seth

 

[Mr Crow!]

I dont know if this is a cynical post. Think what you like. Those who have been following my tips for almost a quarter of the MLB season on here know I was over 72%. Call it a farce but I would think 11 years of posting profits is a little more than "getting lucky"

I wasn't being cynical at all. I was trying to clarify it for another poster, from my own humble opinion. Basically I was saying that since you earn more than the tax-free threshold, then the ATO would want to tax you on your earnings.

 

[Phil McCreviss]

I wasn't being cynical at all. I was trying to clarify it for another poster, from my own humble opinion. Basically I was saying that since you earn more than the tax-free threshold, then the ATO would want to tax you on your earnings.

Sorry mate. Hard to interpret on these forums at times. Apologies for the short response

 

[Phil McCreviss]

Fair enough but that is very different to the advice I live by.
Anyway,your results are good so best of luck.

seth

If I hadnt of been audited id be ok Oh well, I dont want to get pulled up on tax evasion so do my pennance now and hopefully it wont come around to bite me on the ass.