Australian poker champion Joe Hachem may have blown half of his $10 million poker prize on a slip of the tongue.
The Melbourne man, who blitzed more than 5000 players to take out the World Series of Poker Championships in Las Vegas last month, arrived back in Australia today.
But wayward statements by Mr Hachem could enable the taxman to take almost $5 million of his winnings, says Taxation Institute of Australia director, Michael Dirkis.
Mr Dirkis said if the Tax Office could prove Mr Hachem won his money as a professional gambler, as opposed to a hobby gambler, then he would have to pay a 47 per cent tax rate on his winnings.
That would mean kissing goodbye to about $4.7 million.
However, in order to deem the poker champion a professional, the Tax Office would first have to show Mr Hachem used skill and systematic methods in winning his $10 million, Mr Dirkis said.
And Mr Hachem has been the first to admit he taught himself all the tricks of the trade to get him across the line.
"I never realised you could make a career out of poker until a couple of years ago," he told a newspaper a fortnight ago.
"But I did a lot of research and really applied myself to learning the game inside out. I studied everything I could about poker," he said.
"I read many books on how to be a top player, what do in different situations, how to bluff your way out of trouble and, very importantly, how to put on your best poker face no matter how the cards fall."
They are words that may come back to haunt the poker king.
Yet, despite the dilemma, Mr Hachem was playing his cards close to his chest when asked by journalists how much tax he would have to cough up.
"That's something that's out of my hands, really. It's between [Tax Commissioner Michael] Carmody and my accountant and they can work it out together," he said.
:monsters-
The Melbourne man, who blitzed more than 5000 players to take out the World Series of Poker Championships in Las Vegas last month, arrived back in Australia today.
But wayward statements by Mr Hachem could enable the taxman to take almost $5 million of his winnings, says Taxation Institute of Australia director, Michael Dirkis.
Mr Dirkis said if the Tax Office could prove Mr Hachem won his money as a professional gambler, as opposed to a hobby gambler, then he would have to pay a 47 per cent tax rate on his winnings.
That would mean kissing goodbye to about $4.7 million.
However, in order to deem the poker champion a professional, the Tax Office would first have to show Mr Hachem used skill and systematic methods in winning his $10 million, Mr Dirkis said.
And Mr Hachem has been the first to admit he taught himself all the tricks of the trade to get him across the line.
"I never realised you could make a career out of poker until a couple of years ago," he told a newspaper a fortnight ago.
"But I did a lot of research and really applied myself to learning the game inside out. I studied everything I could about poker," he said.
"I read many books on how to be a top player, what do in different situations, how to bluff your way out of trouble and, very importantly, how to put on your best poker face no matter how the cards fall."
They are words that may come back to haunt the poker king.
Yet, despite the dilemma, Mr Hachem was playing his cards close to his chest when asked by journalists how much tax he would have to cough up.
"That's something that's out of my hands, really. It's between [Tax Commissioner Michael] Carmody and my accountant and they can work it out together," he said.
:monsters-
