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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Useful poker information:
- OVERPAIR - In Hold'em, a pair in the hole that is larger than any community card on the board.
- FLOORMAN - The casino representative in charge of the card room or a section of a card room. Arbitrates disputes when unusual events happen.
- 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.
- BLANK - Used in describing stud and Hold'em games. Refers to a dealt card that does not offer any value; stating the actual rank and suit would detract from a description of the hand. "The last card was a blank.".
- RAIL - A barrier dividing the card playing area from a public area.
- BIG BLIND - A blind bet, usually a raise of an earlier blind which would be called the SMALL BLIND. In limit poker, the BIG BLIND is usually the size of the minimum bet on the first round of betting.
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