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Hachem Avoids Paying Taxes on WSOP Winnings
By:Jason Hahn
Joe Hachem is still riding the fortunate wave that began for him about seven months ago in July of 2005.
Under Australian law, a citizen does not have to pay income tax on any money earned from pursuing a hobby. And, as luck would have it, Hachem was not a professional poker player at the time of his big win Main Event win, so he does not have to pay any income tax on the $7.5 million he won at the WSOP.
Hachem’s lawyer, Peter Donovan, said in a statement that “As a result of this finding, the poker winnings were classified as income derived from a hobby, and thus not subject to Australian tax.”
The Melbourne resident conquered a record field of 5,600 players on his way to the $7.5 million purse at last year’s World Series of Poker Main Event.
Joe Hachem is still riding the fortunate wave that began for him about seven months ago in July of 2005.
Under Australian law, a citizen does not have to pay income tax on any money earned from pursuing a hobby. And, as luck would have it, Hachem was not a professional poker player at the time of his big win Main Event win, so he does not have to pay any income tax on the $7.5 million he won at the WSOP.
Hachem’s lawyer, Peter Donovan, said in a statement that “As a result of this finding, the poker winnings were classified as income derived from a hobby, and thus not subject to Australian tax.”
The Melbourne resident conquered a record field of 5,600 players on his way to the $7.5 million purse at last year’s World Series of Poker Main Event.
Article Source: http://www.redsofts.com/articles/
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