THE COST OF PUNTING

And if you compared the costs by going to the track. You neednt add the cost of food and drink 'cos I am a dieting teetotaller .... :

Garrick.
If you work out the return on investment for all staked money, assuming that a profit was made, then we can quickly dispel the myth that investing the money in any traditional form of investment is less profitable.
What is you ROI?

avanza Wrote:

---

> Garrick.
> If you work out the return on investment for all
> staked money, assuming that a profit was made,
> then we can quickly dispel the myth that investing
> the money in any traditional form of investment is
> less profitable.
> What is you ROI?


I would'nt be able to calculate that until the end of the year and/or once current 'in running bets' are finalized.

Garrick, can I ask, what is the 40% you mention at the end... tax on "earnings"? If so, does that mean the person who won over R400k on their R3.60 soccer 13 bet will lose 40% of the 400k to SARS?

Englander Wrote:

---

> Garrick, can I ask, what is the 40% you mention at
> the end... tax on "earnings"? If so, does that
> mean the person who won over R400k on their R3.60
> soccer 13 bet will lose 40% of the 400k to SARS?

The proposal was 15% for last year on winnings over R25k, based on the fact that your winnings are capital in nature rather than revenue related. If you own horses and punt on your horses and win this somehow is conceived as being revenue based, however i am sure that you could get around it.

In the latest budget speech it is proposed that an additional 1% be levied on all winnings. I don't think this has been implemented as yet and i think this only relates to national winnings, but i have not bothered reading up on it until it becomes legislature.

Englander Wrote:

---

> Garrick, can I ask, what is the 40% you mention at
> the end... tax on "earnings"? If so, does that
> mean the person who won over R400k on their R3.60
> soccer 13 bet will lose 40% of the 400k to SARS?

ALREADY taxed by the operators, methinks.:S

mikesack Wrote:

---

> Englander Wrote:
>

---

>

---

> > Garrick, can I ask, what is the 40% you mention
> at
> > the end... tax on "earnings"? If so, does that
> > mean the person who won over R400k on their
> R3.60
> > soccer 13 bet will lose 40% of the 400k to
> SARS?
>
> ALREADY taxed by the operators, methinks.:S

What about income tax ? If your making a living from gambling you must be due to pay tax

hibernia Wrote:

---

> mikesack Wrote:
>

---

>

---

> > Englander Wrote:
> >
>

---

>
> >

---

> > > Garrick, can I ask, what is the 40% you
> mention
> > at
> > > the end... tax on "earnings"? If so, does
> that
> > > mean the person who won over R400k on their
> > R3.60
> > > soccer 13 bet will lose 40% of the 400k to
> > SARS?
> >
> > ALREADY taxed by the operators, methinks.:S
>
> What about income tax ? If your making a living
> from gambling you must be due to pay tax

Again it would need to be proved that your revenue is income vs capital. If revenue you would be taxed only on the winnigns over the year and not on each individual payout.

Very much doubt that R3-60 punter winner is a registered taxpayer or even has a S.A. ID. Garrick will know if SARS takes cognizance of one's losses against what is perceived to be profit at the end of the year?:S

lol thanks for all the comments guys but I am still a little confused (cos i am an idiot after all lol)...

let us just say this R3.60 bet was done by an SA resident who pays tax. That is his only bet of the year. He receives R400k profit after the 6% deduction. How much of that nett R400k will stay with him and how much will SARS take?

As far as i am concerned he will get the full R400k.

well surely the guys on the forum that win that amount week in week out would be able to answer....