Hi guy's Hope all is well.

Bit of a strange Question/post here so please bear with me. I'm a lucky guy, have no big ambitions in life, but make a wonderful income of about £40-50k per year through football betting Worldwide. This does me fine, I use a couple of online accounts and betting exchanges. I have done this now for about 5 years, giving up a routine Insurance job. Next year we move to Australia on permanent residency, hopefully my wife will work as a hairdresser possibly self employed. We are doing this for a better lifestyle and weather.

I'm getting confusing indicators about money I may draw down periodically from my UK bank accounts from my profits made. For example if I transfer from UK to Australia £15,000 a quarter, are there any implications in terms of tax as this is money I am bringing into the country. As most people know, my profession is classed as gambling, a game of chance and is tax free here in the UK. For example if a person in my position wanted a mortgage with a bank or building society, they would laugh at them. (Thankfully not needed) What is the position though for bringing money into the county in my situation. For the record I "work" from home, and put in a lot of study per day, it is not a get rich quick lifestyle by far or easy money as some may think.

Thanks for any advice replies and interest,
Regards,
Marcano

Hmmm - interesting question.

I guess what you need to know is if Australia considers winnings from gambling as income. If they did then you would most definitely have to declare your UK income here in Oz. If they adopt the same policy as the UK then you won't have to.

I am afraid that I cannot give you an 'informed' response, however I can tell you that Lottery winnings are not taxable and I guess that winnings from the horses etc would not be either.

To get a definitive answer I guess you would have to approach an accountant here in Oz, for which I am sure you would have to pay a fee.

You would have to declare any interest that you earn from your bank deposits.

Many thanks Colin for the courtesy of your reply. I'm pretty sure gambling in Australia is tax free, as how could it be regulated. It's a massive industry there in Australia, if anything it's more encouraged than here in the UK, with slot machines(pokies) and so much horse racing each day. How can they know who's winning what in order to calculate an income and thus tax it. Whilst none of these forms of gambling interest or concern me, I don't see how they could treat my particilar field (Football) as any different. However my worry is what their response would be to me bringing certain sums of money into the country from time to time, even if it is to be spent in their economy. Like you advise, I will have to seek an accountant who can clearly advise me, but once again many thanks for your reply. Good luck.

Have a look at ATO Ruling IT2655.

Best regards.

Thanks a lot Alan for that link. I have read it with interest. You are a Font of Knowledge and I sincerely appreciate your help. I have no doubt when we eventually arrive in Australia we will need the services of an accountant, and as such would be delighted to seek your services, fully understanding fee's (coin of the realm) will be paid. Many thanks.