Tax Implications

[tazlgnd]

I know this has been previously discussed, but i was wondering about this situation.

I am currently in a punting club selecting one winner a week over the 22 weeks of the year

say we get to the $100k aim, what happen to me in terms of tax when i withdraw $100,000 into my bank account?

i am a 22 year old student who wouldnt have earned that much in my life so far.

surely it is tax assessable? I'd have to divvy it up 5 ways so if im gonna be taxed i need to take that into account before distributing the money

 

[pacemaker]

Well I am a 21 year old uni student and I want to know how someone can earn at least a quarter of that amount from punting?

Someone will answer your tax question as I wouldn't have a clue.

Sorry mate

 

[bennyboy]

You will not get taxed. The ATO will probably investigate such an amount, however that it is not your regular source of income (eg wages, interest).
If you withdrew ever week/month then this would be taxed.

 

[RoosterLad]

Uh oh, this will open a can of worms.

I'd also like to know how you would expect to earn that much coin from punting?

Also, why bother studying when you can make that much from betting?

 

[tazlgnd]

well its not expected but 5 of us put $20 in and are trying to find odds of around $1.35 each week for the entire season, and that stacks up to around 100k

 

[KENT2008]

i thought punting was not taxable unless you're considerated a professional, which is pretty hard to prove anyway..

 

[asanque]

You won't get taxed.

However, I suggest you worry about tax implications AFTER you win 100k.

My answer above is based on the hypothetical that I later decide to become a taxation consultant

 

[SmothOperRaider]

You won't get taxed.

However, I suggest you worry about tax implications AFTER you win 100k.

My answer above is based on the hypothetical that I later decide to become a taxation consultant

hahaha

 

[yeah_nah]

Gambling winnings is not taxable, however it will look suspicious.
So keep details of betting transactions (easy if done online) and should be ok.

Also fair bit of interest on a bank account with $100,000 in it. You would pay tax on this - also because nothing would be withheld from this you would be paying all the tax on it when you lodge your tax return - unless you're doing PAYG instalments..

 

[Pres]

well its not expected but 5 of us put $20 in and are trying to find odds of around $1.35 each week for the entire season, and that stacks up to around 100k

Believe me mate if that is your punting strategy then you have nothing to worry about.

 

[tazlgnd]

i realise that you are all punting superstars who take all this stuff super seriously and probably have gambling systems and strategies which dont work as well, but this is just for a bit of fun and its not impossible

all i was doing was asking a question in case it does happen


thanks to those who helped

 

[Ted]

Just out of interest, if the answer had been that you had to pay tax on the full amount, would you have said "bugger it then, we're not going to bother winning the hundred grand"? Or would you just decide to win an extra 30,000 to make up the shortfall?

 

[Ted]

By the way, Joey Chestnut is at $1.50 to win the 2010 Nathan's Hot Dog Eating Contest with Sportsbet. I know it is a bit outside of the $1.35 guidelines, but is a good thing and will help bring up the hundred grand a couple of weeks early.

All the best

 

[asanque]

By the way, Joey Chestnut is at $1.50 to win the 2010 Nathan's Hot Dog Eating Contest with Sportsbet. I know it is a bit outside of the $1.35 guidelines, but is a good thing and will help bring up the hundred grand a couple of weeks early.

All the best

http://www.bigfooty.com/forum/showthread.php?t=590225

He was longer odds last year but won easily

 

[asanque]

i realise that you are all punting superstars who take all this stuff super seriously and probably have gambling systems and strategies which dont work as well, but this is just for a bit of fun and its not impossible

all i was doing was asking a question in case it does happen


thanks to those who helped

Its by no means impossible.

Just look at BarryG in this thread.
http://www.bigfooty.com/forum/showthread.php?t=672348
(However, also take note of all those that lost on 1.20 shots)

If you do get close, you may find it tough to get bookies to match large bets.

 

[KENT2008]

yeah only problem is sportsbet will let u bet a max of what? 100 bucks and then if u win they will cap your account lol

 

[tazlgnd]

Its by no means impossible.

Just look at BarryG in this thread.
http://www.bigfooty.com/forum/showthread.php?t=672348
(However, also take note of all those that lost on 1.20 shots)

If you do get close, you may find it tough to get bookies to match large bets.

yeah i was wondering abotu that

i think say we get to like 30k ill split the funds and take half to another agency

to be honest i cant see any of us having the balls to carry it the whole way through i can see myself taking it all out when we have about 1000 each.

 

[asanque]

yeah i was wondering abotu that

i think say we get to like 30k ill split the funds and take half to another agency

to be honest i cant see any of us having the balls to carry it the whole way through i can see myself taking it all out when we have about 1000 each.

By my calculations you will need 19 winning bets in a row (at 1.35) to hit 30k.

Good luck, let us know how it goes

 

[RoosterLad]

yeah only problem is sportsbet will let u bet a max of what? 100 bucks and then if u win they will cap your account lol

I am with Sportsbet and didn't know about this.

What do you mean by 'cap your account'?

 

[McCrann]

i realise that you are all punting superstars who take all this stuff super seriously and probably have gambling systems and strategies which dont work as well, but this is just for a bit of fun and its not impossible

all i was doing was asking a question in case it does happen


thanks to those who helped

Neither is sleeping with Megan Fox.

Out of interest, what odds would you give me to be able to enjoy that bit of fun?

 

[McCrann]

yeah only problem is sportsbet will let u bet a max of what? 100 bucks and then if u win they will cap your account lol

Sportsbet are a joke. Their betting systems make so many mistakes (In punters favour) its ridiculous!

 

[McCrann]

And what odds for a Pussycat Doll?

 

[The Big Woofer]

And what odds for a Pussycat Doll?

A skanky one or the hot one?

1,000,000/1 the hot one with black hair

33/1 the rest of the field if you can get yourself in the same room & flash a few bucks....

 

[McCrann]

A skanky one or the hot one?

1,000,000/1 the hot one with black hair

33/1 the rest of the field if you can get yourself in the same room & flash a few bucks....

33/1 - i like those odds. Not too worried about the skankiness factor - pretty sure my mates wouldn't be either. lol

 

[dr nick]

you won't have to pay tax, despite what some people in this thread will have you believe