Is gambling income taxable in australia

Is gambling income taxable in australia mountain of the gods casino

The legislation that applies to this is Section 51 1 of the Income Tax Assessment Act, as follows: All losses and outgoings to the extent to which they are incurred in gaining or producing the assessable income, or are necessarily incurred in carrying on a business for the purpose of gaining or producing such income, shall be allowable deductions except to the extent to which they are losses or outgoings of capital, or of a capital, private or domestic nature, or are incurred in relation to the gaining or production of exempt income.

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