Hachem Avoids Paying Taxes on WSOP Winnings
December 12th, 2007Joe Hachem is still riding the fortunate wave that began for him about seven months ago in July of 2005.
Under Australian law, a citizen does not have to pay income tax on any money earned from pursuing a hobby. And, as luck would have it, Hachem was not a professional poker player at the time of his big win Main Event win, so he does not have to pay any income tax on the $7.5 million he won at the World Series of Poker.
Hachem’s lawyer, Peter Donovan, said in a statement that “As a result of this finding, the poker winnings were classified as income derived from a hobby, and thus not subject to Australian tax.” This means that Hachem’s $7.5 million winnings at the World Series of Poker will remain $7.5 million as he takes it all home to Australia.
The Melbourne resident conquered a record field of 5,600 players on his way to the $7.5 million purse at last year’s World Series of Poker Main Event. The cash prize was the biggest reward given to any winner of the World Series of Poker since it began.
The World Series of Poker is held once a year in Las Vegas, and has circuit tournaments outside of Las Vegas in cities like Atlantic City.
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