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.

From what i remember reading if you didn't have other interests in racing like breeding, owning or a bookmaker then you would be pretty much ok with being a professional punter.

__________________
One Drive

"If the corporates are treating you poorly , just go elsewhere."
"If they need you , they will soon find out."
"If you need them , you will soon find out." --moeee
_______________________________________________

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.

__________________
RaceCensus - powerful system testing software.
Now with over 407,000 Metropolitan, Provincial and Country races!
http://www.propun.com.au/horse_raci...ng_systems.html
*RaceCensus now updated to 30/09/2024
Video overview of RaceCensus here:
http://www.youtube.com/watch?v=W821YP_b0Pg

Wow, thankyou so much CP, I wasn't aware of the private rulings.

Fred,
as it turns out i am, between races, a finance broker.
regarding all lending its the 3C's - capacity to pay, cash and credit rating.

property purchasers:
re income:
low docs and no-doc loans are just about gone now unless you can supply BAS and/or a letter from your accountant
full doc loans will require payslips, group cert or if you are self employed your last 2 years tax returns - company and individual .

your chosen profession doesn't matter too much - this is what you need to provide whether you a are a school teacher or a lion tamer in a Barnum and Bailey circus.

re assets:
cash required is minimum 5% of the purchase price
20% is better.

credit - no black marks

that's it really

Also forget all this wishful thinking about being taxed by the ATO.
It will never happen to 99.9999% of the population.

Some people generally just like to "frown" about its possibility as a thin disguise for their bragging about being successful etc.

Thanks very much aussie for the expert advice. I ended up speaking to a broker as well and he said exactly what you have said.

The broker told me some other things particular to my situation, and it turns out that I don't need to re-finance my existing loan to get what I need so I am all good, surprisingly! Thank goodness for brokers.

Glad you got sorted out. My broking is over 13 years old. Thanks Aussie

How many people here on the forum actually punt for a living? anyone know roughly?

I'll put my hand up for that Pat. Can't say how many of us there are though.

With regard to the home loan thingy: I went down that road and they just weren't interested in lending money on this type of income. Only went to the banks though. Maybe a broker has access to more liberal cash?

__________________
"Not winning on a horse that came first is one thing.....Losing on a horse that didn't come first is something else entirely!!!"

Not sure the reason why you would ask this & normally,
I leave it to others, but as Pat is fairly new & contributes,
Regularly I have since 2006.

Several members from this forum who I converse,
With off air so to speak know anyway.

As for knowing how many on the forum unless everyone here,
Says something it's a guess?

What would be more relevant is how people actually go,
About selecting their horses to back, or lay.

Reckon there would be stacks of them.

As for the home loan question (PASSSSSSS)

Cheers.
Garyf