Joe Hachem Wins Again With Tax Break

The World Series of Poker’s 2005 champion, Joe Hachem, has found a stroke of luck that has made his $7.5 million win last July even more valuable. It turns out he gets to keep more of it than he thought.The figure, which comes out to ten million Australian dollars, is considered hobby money, not income money, and as such will not have to pay income tax. The father of four from Melbourne had his lawyers check with the Australian Taxation Office regarding the paying of income tax. They were aware that, in Australia, an individual who makes money while pursuing a hobby can’t be taxed, and it just left it to them to show that Hachem’s WSOP win was the result of a hobby and not a job. The ATO admits that it is often difficult to distinguish between hobby income and employment income, but the country does not penalize someone for pursuing a hobby.