• Do You Have To Pay Tax On Gambling Winnings In Australia Money
• Do You Have To Pay Tax On Gambling Winnings In Australia Dollars

We’ve already answered the question of whether or not you have to pay tax on your gambling winnings so if that’s the question you’re asking, check out our other tax entry in our FAQ section. If you just want a short answer, then it is “no” – assuming you live in the UK.

However, even though you don’t have to pay tax on the profit of your winning bets, the more tax savvy, or perhaps taxman-wary, punters out there, may still be questioning whether or not they would still have to declare profit from winners to the tax man.

Again, thankfully, the answer is a simple no (as far as we’re aware). Gambling is not listed by HMRC as a taxable trade, there is no tax due and any income derived from such activities is of no concern to them, meaning there is no need to declare it.

• When it comes to gambling, you don't have to pay taxes as your winnings are totally tax free. According to laws in Canada, gambling activities don’t fall under the category of constant source of income, therefore your winnings will not be taxed. Canadians don't even pay taxes on their lottery winnings.
• Tax on Bank Interest Although any winnings gained from gambling be it online, in a high street bookmaker or in a casino, are exempt from tax in the UK, you may be in a situation where some interest earned on those winnings whilst they are in a bank account, savings account, trust fund or bond will be taxable.
• Fortunately, you do not necessarily have to pay taxes on all your winnings. Instead, if you itemize your deductions, you can claim your losses up to the amount of your winnings.Note, under the new tax reform law, the gambling loss limitation was modified.
• It’s fantastic to win the lottery in Australia particularly because you don’t have to pay tax on lottery winnings. Imagine getting all that $100M to yourself. Every single dollar of it. Imagine winning the Powerball lottery tomorrow. Now all you have to do is get your numbers right.

Keeping Records

Having said all this, you may want to keep records of your wins (especially larger ones) in case you are ever investigated as you may need to prove where this extra unearned money has come from – if Joe the postman suddenly starts driving a Ferrari, chances are the tax man might pop his head up and have a poke around just to make sure things are on the up-and-up.

If only all questions relating to tax were so easy to answer!

Do You Pay Tax on Gambling Winnings UK Sites or Elsewhere? This can vary, and it will depend on where you play, what you play, and how much you win. For example, Spanish gaming sites and lotteries have a taxation system in play.

Tax on Bank Interest

Although any winnings gained from gambling be it online, in a high street bookmaker or in a casino, are exempt from tax in the UK, you may be in a situation where some interest earned on those winnings whilst they are in a bank account, savings account, trust fund or bond will be taxable.

Currently, the UK government allow basic rate tax payers to earn up to £1000 in interest during the tax year before being required to pay tax on this interest. This amount reduces to £500 for higher rate tax payers. So, if you have significant winnings held in accounts that aren’t tax free, such as ISAs and certain National Savings accounts, you could be required to pay tax on the interest accrued.

In many countries taxation is always a complicated matter, with many new rules being added to the basic laws every two years or so. Despite all predictions, Australia enjoys a complete different tax system, which is clearly easier, simpler and – what will make thousands of gamblers out there smile – exceptionally gambling-friendly!

A “Gambling-Friendly” Country: Australia

What does that mean? Well, it means that Australia’s laws are not strict towards gambling in any form. As a consequence, Aussies who love gambling activities feel free to bet on sports and casino games without worrying about what the taxation will be like on their winnings. Just to understand the liberalism of Australian laws to gambling, think that in certain countries gambling is banned and, where it’s accepted, it’s subject to heavy tax duties.

So, just to be simple and short: Australian gamblers do not have to pay taxes on their winnings! In fact, the Australian laws don’t consider gambling as a profession (which is, on the contrary, subject to taxation); it’s more likely a sort of fortunate windfall, a matter of good luck. That’s why gambling is not taxed at all.

However, casino companies are subject to some tax duties, that are lighter than in other countries. Depending on the state and the type of gambling involved, the operators in Australia have to pay their taxes or specific fees. For example, casinos and gambling venues with pokies have to pay a licensing fee for the right to have pokie machines installed in their building.

Australia Is Home To Excellent Online Casinos

With this said, it will be easier for you to understand why many Aussies are fervent gamblers in their free time. Another very important impact of the Australian gambling taxation can be seen in the growth of new online casinos that are created and launched by Australian companies.

If you want to find more about the typical Australian casino products, you can have a look at these Aussie pokies online at Play Pokies.

Do You Have To Pay Tax On Gambling Winnings In Australia Money

Since many new people want to get closer to the casino industry without the risk of losing time and money, a team of casino experts decided to create a unique website, Play Pokies, which is meant to give everyone out there an answer and needed support when it comes to casinos, casino games, winnings and much more.

What Are The Most Recommended Pokies?

Play Pokies is gaining a larg following due to the presence of more online casinos in the web: more people need, in fact, a precise and responsive guide to follow the casino industry and Play Pokies turns out to be one of the very best websites.

What can you find on Play Pokies? On top of exclusive bonuses and time-limited offerings (for example, at the moment Play Pokies is running a pokies Bonus For December 2018) that you can catch only on Play Pokies, you will also find a comprehensive list of most authoritative and secured casinos. You will also find an intriguing and attractive list of recommended online pokies to try on those casinos.

Do you need some game titles? Well, here is a number of excellent games to try:

• The Slotfather can be found in many Aussie-friendly casinos. The game offers a thrilling story to play with.
• Jurassic Park features world-class graphic design, while the story goes back to the famous movie with abundant 3D effects.
• Immortal Romance is available in most Australian casinos, it features 243 paylines and you can get a 25 Free Spins bonus as you sign up.
• Mega Moolah is a slot packed with exotic symbols from the savannah of Africa. The background is a dusky sunset crowded with many historical elements.
• Aztec’s Treasure is another historical themed slot which will make you jump into the ancient Aztec world. The game offers multipliers, free spins, a wild symbol and a scatter.

How To Get Started With Play Pokies

Do You Have To Pay Tax On Gambling Winnings In Australia Dollars

On Play Pokies you can find also more pokies, always knowing that the games are safe and 100% fair (the game results are 100% random). A good thing to know for you is that you can play Australian pokies as a real-money casino member and as a free-download casino user. The second option gives you an opportunity to download the casino software for free and to play your favorite slots on a free-basis.

If you choose to register an account at the casino, you will send a deposit and get rewarded with several bonuses, promotions and other casino gifts.