Poker Joe trumps Tax Office
THE cards fell poker champion Joe Hachem’s way a second time yesterday after the Australian Taxation Office ruled he would not have to pay tax on his $10 million win.
The ATO decided the Melbourne man was still officially working as a mortgage broker when he won the grand prize in July’s No Limit Texas Hold ‘Em World Championship in Las Vegas.
This decision means his bonanza was classified as income derived from a hobby, not from business, saving the poker king from paying…
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Poker dictionary:
- DOUBLE BELLY BUSTER - A two-way inside straight. E.g., 3-5-6-7-9.
- NO-LIMIT POKER - A game where there is no maximum bet; a player can wager any amount (perhaps above some minimum) up to whatever money is on the table in front of him.
- GOOD GAME - A game with players worse than you so that you can expect to win a lot of money.
- SHORT-STACKED - Playing with a only a small amount of money, thus limiting one's risk and reward.
- STUCK - Down a nontrivial amount of money, as in "he's stuck $800".
- OVERCALL - To call a bet after one or more players already called.
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