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Hachem Avoids Paying Taxes on WSOP Winnings
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.
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Source: ArticleTrader.com
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