Joe Hachem Wins Again With Tax Break

The World Series of Pokers 2005 champion, Joe Hachem, has found a stroke of luck that has made his $7.5 million win last July even more valuable. It turns out he gets to keep more of it than he thought.

The figure, which comes out to ten million Australian dollars, is considered hobby money, not income money, and as such will not have to pay income tax. The father of four from Melbourne had his lawyers check with the Australian Taxation Office regarding the paying of income tax…

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Poker talk:

TABLE STAKES - A standard rule whereby during a hand players can only bet the money they have on the table. If the bet to a player is more than the player's stack, that player may call with all his chips and be eligible to win only that portion of the pot he contributed to equally. A side pot is created, for which only the remaining players may compete.
JOKER - A 53rd card in the deck, distinct from the others, used as a wild card or as a BUG.
SPLIT [THE POT] - To split the pot between two or more players. Related term: QUARTER.
OPEN-HANDED - A category of games characterized by a part of each player's hand being exposed.
DECLARE - In high/low games, declaring one's hand as high or low or both ways (usually done with chips in hand). Usually played in home games; casinos tend to play CARDS SPEAK.
BLACK - When referring to chips, black usually stands for $100 casino chips. "This guy sits down with a stack of blacks and raises the first bet." Not ALL casinos use black for $100 but that is the common usage.

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