In a development sure to make all professional poker players green with envy, Joe Hachem has learned that he does not have to pay income taxes on the money he won at the 2005 WSOP. Hachem took home $7.5 million for outlasting 5,600+ people in the main event of the World Series of Poker this year.
As the Lebanese-born Hachem officially resides in Australia, he is subject to their tax laws. According to the Australian Taxation Office, when Hachem won the WSOP in July, he was engaged in a hobby, rather than playing professionally. This having been the case, Hachem's prize money is not considered taxable income Down Under.
Hachem could be said to have "doubled up" big time, as an almost 50% Aussie tax rate would've halved his winnings. As the champ subsequently turned professional, however, it remains to be seen whether his future victories will also be classified as "proceeds from excellence at a hobby" for tax purposes.
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