Are casino BlackJack winnings really TAX FREE?
As you might imagine this is an issue of some importance to winning skilled professional BlackJack players. It is also an issue I have researched thoroughly and taken legal advice on. Let me preface my answer by saying two things. Firstly, my answer only applies to Australia, not other jurisdictions around the world. Secondly, while I did work as an accountant specialising in taxation for five and a half years, I do not hold myself out to be an expert and what follows is not professional taxation advice. You should consult your own taxation professional about the circumstances of your own individual case. It has long been established that gambling winnings in Australia are completely free of tax. The only scope for gambling winnings to be considered assessable is if the gambler is considered to be in the “business” of gambling. The word “business” is not defined in the taxation legislation. Whether one’s gambling activities constitute a “business” or not is to be determined on a case b
