Quote:
Originally Posted by bundy5
Any difficulties you perceive in a poker player being audited?
Assume you mean what are the chances? It's impossible to say, of course. There are always going to be far more people who avoid attracting the ATO's attention than those who do. So as a pure question of probability you are probably ok. As a general proposition, the better you do, the more "big" things you do with your money (buy a house, buy a car, buy shares, move a lot of money between bank accounts), the greater the disconnect between your lifestyle and your taxable income, etc etc the more likely you are to come to their attention. But you never know what it is that may cause them to look at you.
On the one hand, the best thing you could do is keep detailed records so that if you are found to be conducting a business, you can at least claim all deductions owing to you. Then again, keeping detailed records is more likely to make them characterise you as a business!
It's hard to be beat the tax office in the long run...