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AUSSIE GAMBLING TAX CASE COULD SET AN IMPORTANT PRECEDENT
Friday July 6,2012 : AUSSIE GAMBLING TAX CASE COULD SET AN IMPORTANT PRECEDENT
Art-loving punter in tussle with Australian Tax Office
Tax moves against a wealthy Australian art lover who made his fortune on major sports wagers in Hobart, Tasmania, could set a precedent for gamblers Downunder, the Australian Broadcasting Corportion reported Thursday.
51-year-old university drop-out David Walsh developed a successful gambling syndicate used to bet on horse racing and other sports. Reports estimate that the Punters Club placed at least a billion dollars with major Aussie bookies, but its success has attracted the unwelcome attention of the Australian Tax Office, which is trying to hit Walsh up for around A$ 40 million in retroactive taxes.
Walsh spoke out against the ATO's attempt this week, telling ABC that he rejected tax officials' claims that his syndicate had destroyed records and used encryption software to conceal data.
Instead, he says he asked the ATO on several occasions over the past two decades if he was liable to pay tax and was told he was not.
"They always decided that gambling isn't taxable, perhaps because no gambler has ever been taxed, or perhaps they're concerned about the possibility of some losing gamblers claiming a deduction," Walsh said, who has been supported in his resistance to the tax office by former Greens Party leader Bob Brown.
"The tax office has bungled this and has been quite unfair about it, and they're to blame," he told ABC.
The ATO has filed documents alleging Walsh has an interest in the highly successful Punters' Club as it seeks to resolve the matter in the courts. The filed documents contain allegations that the syndicate attempted to hide details of its A$2.4 billion operation by destroying business records and using encryption software to conceal data.
Walsh denies the claims, and says he has never been asked for his email records. "So they don't know whether I use encryption or how often," he says.
Walsh's main objection to the tax claim is that it is retrospective; he says he has no problem with paying legally due tax to the government, and that he is still hopeful that a negotiated settlement can be reached.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
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Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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