the professional punter

Hi guys do I have to pay sars tax to be a professional punter,I'm aware that all bets through the tote or bookies are taxed so let's say I win r100k over 6months n dep into my savings acc and they decide to audit me,how do I prove that the money was generated through punting? Somebody plz help!

Worry about that once you've won the 100k!!!!

So the bottom line is "no worries"

Who said I don't have month dan that, if I wanted that kinda response I widnt have posted the ? Anyway thanks for your 2cents comments. Dissapointing after reading all the great posts on moving racing foward

Don`t think anyone knows the answer tbh,your not suppose to make a living through gambling!

Sure there are some "PRO`S" on here that have looked into the matter?

bad company

The way this works is that if you gamble with after tax money, the rewards are generally tax free.
If you win significant amounts of money (I guess 25K triggers the fica so 25K would seem to be significant), you would show it on sars forms.
If you earn regulary enough, sars could argue it is 'income' and try to tax you.
You would argue it's your ill gotten gains from gambling.
They could insist and then you will pay tax on income, and if deemed a proffessional you may have to pay provisional tax.
As a proffessional you would have to keep proper records for tax purposes, and when you win cash they would have to trust you to pay up accordingly (like every cash merchant does). No doubt an expert can guide you, but perhaps a call to sars is not out of place if you are worried. Remember they can be retroactive with their decisions, and then still change their minds.

PS regarding the 100K, they would have no problem with you saying you won it. Your problem is when you won it and you pretending you didn't, they you would have to show where it did come from. LOL Otherwise open an account where you play, statements are generated for you and your bookkeeping done in a flash.

Sorry BC, thought you were joking, but this link might help.

www.moneywebtax.co.za/moneywebtax/view/m...?oid=47395&sn=Detail

bad company Wrote:

---

> Hi guys do I have to pay sars tax to be a
> professional punter,I'm aware that all bets
> through the tote or bookies are taxed so let's say
> I win r100k over 6months n dep into my savings acc
> and they decide to audit me,how do I prove that
> the money was generated through punting? Somebody
> plz help!


Bad Company

I have asked the same question but no suitable response in the past.
I am currently using Interbet as they have a detailed daily spreadsheet of all transactions. This includes winnings, losses, transfers from/ into your bank account.
I hope this helps.

Thanks guys, n I'll be spending some money on our filly miss d tomorow, holding thumbs!

Dont bring the price down BC, will you be at the track?

bad company

Seriously, you don't want to be a pro punter! There is every reason that you could keep your nett winnings tax free. If you show long term and consistant 'significant' winnings, the sars could argue that you should pay tax. You should be arguing it's a shit and inconsistent way to earn a living and pay tax elsewhere rather. Paying tax to call yourself a pro punter is a bit of an expensive ego trip, unless you cannot show earnings elsewhere in which case it ain't up to you.

Bad Company maybe i can help..

Earnings from gambling are not taxed because it is deemed a hobby even though you are required to disclose these amounts in your tax return if they are substantial. This is irrespective of the amount of times you win / get lucky.
If you are registered as a professional gambler..ie...its your profession or one of your professions you will have to keep a record of all yours winnings and expenses.
You will be taxed on your winnings less all the expenses you have incurred in the "production of earnings" / winnings..ie...your net winnings.
SARS requires you to disclose these amounts in annual return to assist them in reconciling your movement in assets and liabilities but no you certainly wont be taxed.

I can understand your fustration with someone like Hukky...why do people think you cannot win at punting horses or sports..its very possibly and can be done if you are disciplined.

After making the above statement iam usually asked how...there are numerous ways...here is one...use man utd, chelsea and arsenal and take the single, double, treble every time they play at home and you will win more than you lose...if you have a betfair account you can always lay their opposition because the draw is your friend.

Yes the odds will be very restrictive but there is no value in a losing bet. Over the season you will be ok.