Is online poker legal in australia?

[onemind]

Hi,

I have just started plaaying online poker for money and have been having a few wins. Was just wondering if this is legal here in oz and if so, how do taxes work for winnings?

Thanks for any info

[mikenike]

yes it is. and what do you mean by taxes? like tarifs?

[onemind]

Thanks,

I mean income tax. Eg, if you make $10000 in a year, do you just add that to your taxable income or is it taxed at a different rate? Also, can you deduct losses from taxable income?

I'm pretty sure you can in the US.

Might have to talk to an accountant

Cheers

[supafrey]

In the U.S. you can only make those deductions if you declare your poker playing as a "business", from what I hear. It lets you offset your winnings (oddest thing i've ever said).

Also, don't trust Mikenike. He's 14. Online gambling is "technically" illegal over here in North America, so I'd look into it a little bit more than trusting a tweenager on a web forum. I'm nearly certain that it is simply an unenforced law that has no precedent to be upheld. It's a very grey area in law enforcement right now - Codes have been way too slow to answer this new age of online poker. Do it with comfort, you have nothing to worry about.