Gambling Losses Tax Deductible Australia
- Gambling Losses Tax Deductible Australia 2020
- Gambling Losses Tax Deductible Australia Tax
- Gambling Losses Tax Deductible Australia Income Tax
As Tax Agents and accountants we get asked this quite often. Some countries are taxed on their gambling winnings. Australia is the lucky country and the income derived from these activities is not taxable for three main reasons:-
1) It’s generally not considered a profession. It’s a hobby or recreational activity.
2) Gambling is generally seen to have a large element of luck in it. Most would be gamblers would lose money rather than win. For that reason the ATO would not be prepared to deduct losses from gambling.
Gambling Losses Tax Deductible Australia 2020
Gambling Losses Tax Deductible Australia Tax
However, your losses may only be deducted for up to the reported betting winnings amount because it may not be possible to deduct all your losses. For example, if you have a total betting return of $10,000 in 2017 and losses amounting to $10,500, you will only deduct $10,000 of the losses. To claim your gambling losses, you have to itemize your deductions. Gambling losses are a miscellaneous deduction, but - unlike some other miscellaneous deductions - you can deduct the entire.
Gambling Losses Tax Deductible Australia Income Tax
3) The government taxes the gambling operators instead. Also the government will charge the operators to become officially licensed Have a great day watching the race that stops the nation and gamble responsibly