Looking for "Battle of the earn" updates

[fyodor]

My favourite part of stripsqueez's now defunct "$20/40 if you guess right" Friday posts was the "battle of the earn". Any chance you could give us an update?

[stripsqueez]

the battle of the earn goes well

i used to start a session of 6 max by playing 3-4 $200 NL SNG's and after 100 or so of those i was winning well - so when empire offered a promotion for "tournament masters" i decided to play them full time for a while - been doing that for the last 6 weeks or so - i've also been completing my pot limit omaha hi education and taken up 7 card stud hi/lo in a reasonably serious way

30-40 tourneys a day around $27 a tourney - you do the math - i'm sure i can do better so i'm chasing more wisdom

she who must be obeyed changed jobs which included a 3 week break of no earn so now i'm a mile in front

i vaguely plan to return to 6 max towards the end of the year and perhaps resurrecting $ if you guess right

stripsqueez - chickenhawk

[joker122]

So you're earn is higher playing the $200 SnG's than 10/20 6m?

Also, do you play for a living/full time?

[stripsqueez]

[ QUOTE ]
So you're earn is higher playing the $200 SnG's than 10/20 6m?

Also, do you play for a living/full time?

[/ QUOTE ]

i havent done the math of what is better $$ wise - probably close - its plenty of $$ either way and i'm busy enjoying myself

its 9:15 in the am here and i'm about to put in my usual 5-6 hour session...

stripsqueez - chickenhawk

[bugstud]

I noticed you were high on the board, keep up the good work

[imitation]

Strip any tax advice for fellow Australians now i'm actually making a "living" from 5/10 i'm a little unsure of the law specifically regarding when I should consider myself a professional for tax purposes or if I should even both declaring that? Also do you make all your withdrawls using Neteller debit card?

[stripsqueez]

i bothered to read the relevant tax rulings from the ATO on the topic of "gambling winnings" - my favourite was a couple who owned a small business in melbourne and got very lucky playing roulette at crown casino one night - they then got $50,000 from there bank overdraft and set about playing lots of roulette

they lost the $50,000 and tried to claim it as a write off on there tax as it was intended to be a gambling business - they didnt succeed in that argument

there are no cases involving poker winnings that i found - there are several involving betting on horses and dogs - of all the cases i read none found that the winnings were income for the purposes of the tax assessment act - the crucial question was whether or not a business was being conducted - this question has no clear answer and its a matter of weighing all relevant circumstances on a case by case basis

if you play poker full time with no other source of income and you make a steady amount of $$ at it then i would say there is some chance that you are conducting a "business" and that the profits are therefore taxable - but even then it is not clear from what i read (and i have read thousands of legal cases and have some expertise in statutory interpretation)

i dont plan on paying tax - i'm still employed by the SA attorney generals department, on a years leave, and that fact probably means that i'm not running a business - or at least that is going to be my argument if asked - it will be a problem if i dont return to work but thats next year and i never plan ahead

i used to get cheques but i'm about to swap to my neteller card - the extra fees arent too much - i have a personal banker who assumed i was running drugs for a while - when i told him where they were from and mentioned tax to him he reckoned that cheques below $10,000 AUS are unlikely to attract the attention of the ATO unless you happen to get audited - i'm swapping because its simpler - i always miss the fedex man and have to piss about to get the cheque, then i have to deliver it to my bank - i would prefer just taking out a heap of cash from the hole in the wall

stripsqueez - chickenhawk

[ALL1N]

Neteller card eh?

Thanks. I found this very useful too.

PS where are you imitation?

[imitation]

Brisbane, I'm coming down to Melbourne in Jan or Feb for a week or two will no doubt be found at Crown during some of that time. How are the games there?

I'm a uni student (law/IT) and I do work another job on a casual basis on the weekends and have no plans on leaving it so I suppose I should be ok for the most part. I also plan on withdrawing and spending most of my money whilst i'm overseas for all of next year so I don't think i'll have too many problems.

[ALL1N]

The games are easy beats - incredibly passive for the most part - but the problem is the spread of games. They only spread big bet cash games during big tournaments, so it's mostly limit holdem games, with the usual manila/stud/draw trash. I only ever going in socially, but I've been running the 20/40 6max (!!) game they started spreading a few months ago. Other limits at holdem are 4/8, 6/12, 8/16 (HE&Omaha orbit about), 10/20.

If you're coming while the Aussie Millions is on, though, they'll be running all sorts. Last time I saw 400/800 Omaha hi-lo.

[imitation]

Yeh I was hoping to bring around 2k and sit at the 20/40 I didn't know it ran SH but that certainly makes my mouth drool (probably alot less because you'll be sitting there and i'm assuming its not totally fishy and I giggle like a school girl when I have the nuts). When is Aussie Millions running?

[ALL1N]

[ QUOTE ]
Yeh I was hoping to bring around 2k and sit at the 20/40 I didn't know it ran SH but that certainly makes my mouth drool (probably alot less because you'll be sitting there and i'm assuming its not totally fishy and I giggle like a school girl when I have the nuts).

[/ QUOTE ]

Aussie Millions (http://www.auspokerchamps.com/)

Heh you'll have no worries. I only go once or twice a month as is, and during the Aussie Millions I'll be playing the no limit cash games.

Be sure to PM me before you head down.

[stripsqueez]

[ QUOTE ]
Yeh I was hoping to bring around 2k and sit at the 20/40 I didn't know it ran SH but that certainly makes my mouth drool (probably alot less because you'll be sitting there and i'm assuming its not totally fishy and I giggle like a school girl when I have the nuts). When is Aussie Millions running?

[/ QUOTE ]

i'm planning on spending the first week camped near the 20/40 6 max table too - unfortunately i have to be in canberra for a bridge event later in january

stripsqueez - chickenhawk