31st May 2014, 04:37 PM
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Member
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Join Date: Jan 1970
Posts: 4,437
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Quote:
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Originally Posted by FredTheMug
Good points UB. As far as I know there have been no specific rulings from the ATO on it, and there isn't enough precedence to cover the full gamut of gambling activity so in my opinion it's still a grey area. But everyone has their own take on it. I don't have the links handy, but the in two of the cases I recall they were neither getting rebates nor trading out. Even if you could beat the ATO, the stress, time and expense of being dragged through the courts is another reason to avoid operating in a business-like fashion.
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Simple, get in early Fred, apply for a ruling in writing and you're covered for life.
I know of at least two propunters that applied for a private ruling and have it in writing.
Unless, you have staff, an office or are in bloodstock, you will qualify for the private ruling meaning they cannot query you in future. |