joe hachem and the tax man

[Sea Wasp 0]

Australian poker champion Joe Hachem may have blown half of his $10 million poker prize on a slip of the tongue.The Melbourne man, who blitzed more than 5000 players to take out the World Series of Poker Championships in Las Vegas last month, arrived back in Australia today.But wayward statements by Mr Hachem could enable the taxman to take almost $5 million of his winnings, says Taxation Institute of Australia director, Michael Dirkis.Mr Dirkis said if the Tax Office could prove Mr Hachem won his money as a professional gambler, as opposed to a hobby gambler, then he would have to pay a 47 per cent tax rate on his winnings.That would mean kissing goodbye to about $4.7 million.However, in order to deem the poker champion a professional, the Tax Office would first have to show Mr Hachem used skill and systematic methods in winning his $10 million, Mr Dirkis said.And Mr Hachem has been the first to admit he taught himself all the tricks of the trade to get him across the line."I never realised you could make a career out of poker until a couple of years ago," he told a newspaper a fortnight ago.AdvertisementAdvertisement"But I did a lot of research and really applied myself to learning the game inside out. I studied everything I could about poker," he said."I read many books on how to be a top player, what do in different situations, how to bluff your way out of trouble and, very importantly, how to put on your best poker face no matter how the cards fall."They are words that may come back to haunt the poker king.Yet, despite the dilemma, Mr Hachem was playing his cards close to his chest when asked by journalists how much tax he would have to cough up."That's something that's out of my hands, really. It's between [Tax Commissioner Michael] Carmody and my accountant and they can work it out together," he said.Taken from the Sydney Morning Herald. www.smh.com.au

[CrazyHorse76 0]

at least he'll be able to deduct the $100 tip before bending over for the tax man, karma baby.

[diabloblanco 0]

Australian poker champion Joe Hachem may have blown half of his $10 million poker prize on a slip of the tongue.The Melbourne man, who blitzed more than 5000 players to take out the World Series of Poker Championships in Las Vegas last month, arrived back in Australia today.But wayward statements by Mr Hachem could enable the taxman to take almost $5 million of his winnings, says Taxation Institute of Australia director, Michael Dirkis.Mr Dirkis said if the Tax Office could prove Mr Hachem won his money as a professional gambler, as opposed to a hobby gambler, then he would have to pay a 47 per cent tax rate on his winnings.That would mean kissing goodbye to about $4.7 million.However, in order to deem the poker champion a professional, the Tax Office would first have to show Mr Hachem used skill and systematic methods in winning his $10 million, Mr Dirkis said.                                    Taken from the Sydney Morning Herald. www.smh.com.au

Good luck Aus tax man on proving the skill thing. (Kinda SW but not really)

[Loismustdie 0]

Karma, fellas. What did I tell you all? What goes around comes around.

[Scanner313 0]

Karma, fellas. What did I tell you all? What goes around comes around.

Mmm hmm. :roll:

[GoldenTee 0]

I thought Australia was like the UK in that you don't pay any gambling tax? Jeez, I'll have to double check the UK laws before I win next year's Main Event...haha!

[PokerDealer2005 0]

On Jay Leno he called himself a " professional poker player "......yup, what goes around definantly comes around. Cant wait to see this dipshit in 5 years.

[Guest Anonymous]

Australian poker champion Joe Hachem may have blown half of his $10 million poker prize on a slip of the tongue.The Melbourne man, who blitzed more than 5000 players to take out the World Series of Poker Championships in Las Vegas last month, arrived back in Australia today.But wayward statements by Mr Hachem could enable the taxman to take almost $5 million of his winnings, says Taxation Institute of Australia director, Michael Dirkis.Mr Dirkis said if the Tax Office could prove Mr Hachem won his money as a professional gambler, as opposed to a hobby gambler, then he would have to pay a 47 per cent tax rate on his winnings.That would mean kissing goodbye to about $4.7 million.However, in order to deem the poker champion a professional, the Tax Office would first have to show Mr Hachem used skill and systematic methods in winning his $10 million, Mr Dirkis said.And Mr Hachem has been the first to admit he taught himself all the tricks of the trade to get him across the line."I never realised you could make a career out of poker until a couple of years ago," he told a newspaper a fortnight ago.AdvertisementAdvertisement"But I did a lot of research and really applied myself to learning the game inside out. I studied everything I could about poker," he said."I read many books on how to be a top player, what do in different situations, how to bluff your way out of trouble and, very importantly, how to put on your best poker face no matter how the cards fall."They are words that may come back to haunt the poker king.Yet, despite the dilemma, Mr Hachem was playing his cards close to his chest when asked by journalists how much tax he would have to cough up."That's something that's out of my hands, really. It's between [Tax Commissioner Michael] Carmody and my accountant and they can work it out together," he said.Taken from the Sydney Morning Herald. www.smh.com.au

Am I missing something, or wasn't first place money 7.5 mil?

[Sea Wasp 0]

7.5 mill USD = 10 mill AUD

[Smokewagons 0]

Am I missing something, or wasn't first place money 7.5 mil?I'm pretty sure its talking about australian dollars not U.S. dollars

[spm 1]

I thought Australia was like the UK in that you don't pay any gambling tax?    Jeez, I'll have to double check the UK laws before I win next year's Main Event...haha!

UK you definately don't pay tax on winnings. However, if you are registered as a poker professional you are liable to tax.

[Pudge714 0]

On Jay Leno he called himself a " professional poker player "......yup, what goes around definantly comes around.  Cant wait to see this censored in 5 years.

In my opinion one is a professional if they make a living off poker, with 7.5 million usd I thinke he is making a living.

[CaneBrain 95]

Karma, fellas. What did I tell you all? What goes around comes around.

Ditto. There are many good reasons why Joe Hachem shouldnt have had to tip anything at all after winning 1st prize. And many on this forum made those arguments wisely and persuasively.But you know what? He still should have tipped generously. What goes around DOES come around.

[711Buddha 0]

Gotta pay the taxman. It kind of sucks that you wind up working as much for everyone as you do for yourself, but what can you do.I suppose the question will be does Australia let everyone deduct the 10K entry fees as a business expense? (Before anyone answers, I know that the US taxes you AND won't let you write it off in most cases.)

[meatmike 0]

lol that would suck i wonder how the taxing would actually work since the us goverment would have taxed him also

[MajorHangover 0]

maybe you could fill me in...why are you guys so down on Joe Hachem?

[CaneBrain 95]

maybe you could fill me in...why are you guys so down on Joe Hachem?

Not down on him. He played superb small-stack poker at the final table to hang around long enough to claim victory.Some were upset (myself included) by the news that he only left 100 bucks as a tip.Of course, this is all based on hearsay, I dont know how much he tipped. And many on this forum have made good arguments why he shouldnt have tipped an extra dime.My point of view is that if he did only tip 100 bucks I think that is bad. If he felt the money they already took out was sufficient for the staff then he should have left nothing...100 bucks seems like a slap in the face.I believe after winning 7.5 mil that one should make a decently generous tip. and I believe in karma and all that. But I am not down on Joe Hachem by any means. I disagree with one action he may have taken. Thats all.

[MajorHangover 0]

Cheers Cane, thx 4 the explanation - that explains things - seems to lack class if thats what happened - although appreciate its only hearsay.

[anselm 0]

Karma my ass. I'd be willing to bet big that even if he tipped $100,000 the Aussie tax man would still be looking to snag 47% off him. What witty cliche would y'all throw out there then?

[dolfan 0]

Karma is real folks. Last week I took a sick day on Monday when I wasn't sick and then I woke up on Tuesday feeling like complete crap. So watch out...

[CaneBrain 95]

Karma my ass. I'd be willing to bet big that even if he tipped $100,000 the Aussie tax man would still be looking to snag 47% off him. What witty cliche would y'all throw out there then?

Obviously (at least in my case) I am not being entirely serious. the two events are completely unrelated. Tipping would probably (likely) not have helped him avoid taxes. Just like to throw those cliches around buddy.I still think his alleged tip was in poor taste...and if a slip of the tongue does end up making him pay taxes whereas if he kept his mouth shut he could have avoided them....well that could sort of be karma perhaps?? I def. know what you are saying...but dont assume we all think hachem is getting some sort of mystical comeuppance

[anselm 0]

Right, you're being rational CaneBrain and I appreciated your earlier post. But some of these others sound like they truly believe a $101 tip would've helped him avoid the tax man.

[BIGSLICKSTER 0]

i wish i had the problem of paying tax on 7.5 mil

[Don Giovanni 0]

maybe you could fill me in...why are you guys so down on Joe Hachem?

Not down on him. He played superb small-stack poker at the final table to hang around long enough to claim victory.Some were upset (myself included) by the news that he only left 100 bucks as a tip.Of course, this is all based on hearsay, I dont know how much he tipped. And many on this forum have made good arguments why he shouldnt have tipped an extra dime.My point of view is that if he did only tip 100 bucks I think that is bad. If he felt the money they already took out was sufficient for the staff then he should have left nothing...100 bucks seems like a slap in the face.I believe after winning 7.5 mil that one should make a decently generous tip. and I believe in karma and all that. But I am not down on Joe Hachem by any means. I disagree with one action he may have taken. Thats all.

soo $100 is worse than nothing huh?

[CaneBrain 95]

maybe you could fill me in...why are you guys so down on Joe Hachem?

Not down on him. He played superb small-stack poker at the final table to hang around long enough to claim victory.Some were upset (myself included) by the news that he only left 100 bucks as a tip.Of course, this is all based on hearsay, I dont know how much he tipped. And many on this forum have made good arguments why he shouldnt have tipped an extra dime.My point of view is that if he did only tip 100 bucks I think that is bad. If he felt the money they already took out was sufficient for the staff then he should have left nothing...100 bucks seems like a slap in the face.I believe after winning 7.5 mil that one should make a decently generous tip. and I believe in karma and all that. But I am not down on Joe Hachem by any means. I disagree with one action he may have taken. Thats all.

soo $100 is worse than nothing huh?

In this SPECIFIC context, where all tips are being divided between roughly 250 people(?)yes I do believe 100 is worse than nothing. just my opinion though and I understand why there would be dissenting ones.