By: deborahmac09
11/06/2009
3:01 pm Yahoo! Profile:
deborahmac09 Did this message offend you?
Sign in to report abuse |
Reply to this message |
| lol he might have won, but I want to know how to do it lol |
|
By: loopygiggles
11/06/2009
3:10 pm Yahoo! Profile:
loopygiggles Did this message offend you?
Sign in to report abuse |
Reply to this message |
| I'm going to start by placing little bets on the horses NH mentions then build up from there. Perhaps from the winnings I will take out my original bet then put the profit on the next one and let it build that way. Gotta start small and build it up. IMO anyway. |
|
By: starsie@ymail.com
11/06/2009
3:12 pm Yahoo! Profile:
starsie@ymail.com Did this message offend you?
Sign in to report abuse |
Reply to this message |
Exactly Loopy.
I have a tiy amount popped in a jar, so will use that.. and see how it goes. That way it isnt anything important I AM RISKING. |
|
By: felixuosity
11/06/2009
3:15 pm Yahoo! Profile:
felixuosity Did this message offend you?
Sign in to report abuse |
Reply to this message |
Danleigh 10/1 10-1=9 100/9=11
Black Pirahana 3/1 Fav 11+17+20+6=54 100-54=46
Mr Baritone 7/1 7-1=6 100/6=17
Ortensia 6/1 6-1=5 100/5=20
And lets say we also liked Royal discretion 17/1 17-1=16 100/16=6
Say we want to bet $100 on these horses and you liked the favourite but need to cover yourself just in case. What you do is deduct 1 from the price of each horse and divide it into $100 with the balance going on your favourite. So...
Danleigh - You bet $11 win
Mr Baritone - You bet $17 win
Ortensia - You bet $20 win
Royal Discretion - You bet $6 win
Black Pitahana - You bet the balance of $100 being $46 win |
|
By: new_horizens
11/06/2009
3:15 pm Yahoo! Profile:
new_horizens Did this message offend you?
Sign in to report abuse |
Reply to this message |
deborahmac09.... that was just an example I gave to demonstrate how you can give yourself a better chance at winning by backing a number of horses in the same race.
Most people will back one horse in a race to win.
Others give themselves a slightly better chance by betting on the horse each way.
But some of us smart punters do even better... we will stake our money not on one horse, but on three, four or even five horses in the one race and so long as any one of them wins we still make a profit.
This sort of strategy is used where the favourite is at least 4/1 and the field is comprised of more than 14 horses. It's just one of many very clever betting strategies.
Also, if you are a beginner, don't waste your money on trifectas and quadrellas and first4s. And don't guess the winner. Punting is like anything else... you have to research the form... check on the trackwork... find out how the horses are going.
If you are going to guess, better just trust my expert judgement and follow what I say, preferable with a place bet. |
|
By: longweekend58
11/06/2009
3:26 pm Yahoo! Profile:
longweekend58 Did this message offend you?
Sign in to report abuse |
Reply to this message |
<Envy is a far worse emotion than Greed>
stupidity is worse than both. |
|
By: nessa_sarily_so
11/06/2009
3:26 pm Yahoo! Profile:
nessa_sarily_so Did this message offend you?
Sign in to report abuse |
Reply to this message |
"Say you have a windfall of $10,000... you put it in a bank... the annual interest will be say $1,000 before tax... lets say $800 after tax. In a year you have earnt $800 from that $10,000.... BIG DEAL!!!!!
Me... I invest that $10,000 each Saturday on the horses and double my money each time. In a year I make $520,000 tax free from that $10,000... so who is smart?"
Not you. You are full of it. If you really pull $520 000 a year, even your bank interest is taxed at 45%.
Got some race horses have you? Fact is if enough people really did bet on the same horses as you the odds would lower considerably, not in your best interest at all. |
|
By: longweekend58
11/06/2009
3:31 pm Yahoo! Profile:
longweekend58 Did this message offend you?
Sign in to report abuse |
Reply to this message |
<Me... I invest that $10,000 each Saturday on the horses and double my money each time. In a year I make $520,000 tax free from that $10,000... so who is smart?"
>
actually if he made that kind of money semi-consistently the ATO would declare him a professional gambler and treat his winnings as income. which pretty much puts the lie to his claims right from the start. |
|
By: new_horizens
11/06/2009
5:02 pm Yahoo! Profile:
new_horizens Did this message offend you?
Sign in to report abuse |
Reply to this message |
longweekend
actually if he made that kind of money semi-consistently the ATO would declare him a professional gambler and treat his winnings as income. which pretty much puts the lie to his claims right from the start.
------------------------- ------------------------- -------
My punting is officially classed as a hobby. Under Australia's income tax legislation, my winnings are classed as a windfall gain. The big test is whether or not I am conducting a business. I am not.
Don't you think I know my stuff? I do a tax return each year. My investment income is taxed. My windfalls are not taxable.
The ATO would never get into this game of taxing punters' winnings... if the government did that, it would also have to allow deductions for betting losses. Seeing that most people who gamble on the horses lose, do you think the government would want to give them a tax deduction for their losses?
Look... what's your problem? |
|
By: longweekend58
11/06/2009
5:05 pm Yahoo! Profile:
longweekend58 Did this message offend you?
Sign in to report abuse |
Reply to this message |
<My punting is officially classed as a hobby. Under Australia's income tax legislation, my winnings are classed as a windfall gain. The big test is whether or not I am conducting a business. I am not.
Don't you think I know my stuff? I do a tax return each year. My investment income is taxed. My windfalls are not taxable.
The ATO would never get into this game of taxing punters' winnings... if the government did that, it would also have to allow deductions for betting losses. Seeing that most people who gamble on the horses lose, do you think the government would want to give them a tax deduction for their losses?
Look... what's your problem?>
quite simple. if your earnings from this 'hobby' were anythgin like what you say they are you would be designated a professional punter and taxed as such. the ATO DOES do this and you should know better. and in true govt form losses from gambling are not deductible if it is a net loss but profits are IF you are designated a professional gambler. you are either overstating your winnings/earnings or the ATO have yet to audit you and issue you with a nasty surprise. I'm going for the former. |
|
By: bahamian3002
11/06/2009
5:07 pm Yahoo! Profile:
bahamian3002 Did this message offend you?
Sign in to report abuse |
Reply to this message |
| To be fair to NH he has consistently put himself on the line here by predicting winners, to my mind that is the acid test. |
|
By: new_horizens
11/06/2009
5:18 pm Yahoo! Profile:
new_horizens Did this message offend you?
Sign in to report abuse |
Reply to this message |
lonweekend...
There are punters who spend most Saturdays and weekdays betting on every race. Are they conducting a business? I on the other hand pick just two maybe three horses on a Saturday. How can that be deemed as me conducting a business?
Go and read Income Tax Ruling IT2655.. check into the Evans case... the Babka case, or the Evans case.
In the case of Martin it was deemed " .... whether the taxpayer is betting or gambling principally for profit or for pleasure - merely indulging in a passion or satisfying an addiction will not constitute a business".
Stop trying to be a smart ass! |
|
By: longweekend58
11/06/2009
6:57 pm Yahoo! Profile:
longweekend58 Did this message offend you?
Sign in to report abuse |
Reply to this message |
<lonweekend...
There are punters who spend most Saturdays and weekdays betting on every race. Are they conducting a business? I on the other hand pick just two maybe three horses on a Saturday. How can that be deemed as me conducting a business?
Go and read Income Tax Ruling IT2655.. check into the Evans case... the Babka case, or the Evans case.
In the case of Martin it was deemed " .... whether the taxpayer is betting or gambling principally for profit or for pleasure - merely indulging in a passion or satisfying an addiction will not constitute a business".
Stop trying to be a smart ass!>
two or three races is hardly the claim you were making before about harbour mansions and expensive cars is it? so basically you are a very small time punter making a very little amount of money (if at all) like everyone else. if you had a system that worked you woudl be mega rich and everyone woudl know. and you certainly wouldnt bet on two horses a week. |
|
By: deborahmac09
11/06/2009
7:08 pm Yahoo! Profile:
deborahmac09 Did this message offend you?
Sign in to report abuse |
Reply to this message |
so basically you are a very small time punter making a very little amount of money (if at all) like everyone else. if you had a system that worked you woudl be mega rich and everyone woudl know. and you certainly wouldnt bet on two horses a week.
_________________________ _________________________ ___________
Not everyone is a greedy bugger. |
|
By: forcup_compliance
11/06/2009
7:16 pm Yahoo! Profile:
forcup_compliance Did this message offend you?
Sign in to report abuse |
Reply to this message |
To be fair to NH he has consistently put himself on the line here by predicting winners, to my mind that is the acid test.
_________
right on!
weekender is a plant* |
|
By: hardhillpoet
11/06/2009
11:22 pm Yahoo! Profile:
hardhillpoet Did this message offend you?
Sign in to report abuse |
Reply to this message |
Longweekend, I think his system is to only bet on his 2 -3 BEST picks, not every race in every state, and if you look at his picks in this thread, and use the T.A.B. website results you will see that he is bloody good!
Plus if he can afford a 10 grand punt at 4/1 he is winning $30,000 for ten minutes work,(well probably way more than 10 mins researching the forms etc.), I'll be having a go at his picks this weekend, the trick is to only bet what you are willing to walk away from without slashing your wrists.
Very interesting way to offset your bets on multiple horses in the same race by the way, nice stuff, you have obviously done your homework. Dont forget longweekend, there will be a winner in every race, but the bigger races attract the better form horses. Looking forward to your tip this weekend New Horizens, Cheers. |
|
By: patchdennis
12/06/2009
12:27 pm Yahoo! Profile:
patchdennis Did this message offend you?
Sign in to report abuse |
Reply to this message |
My son took on the ATO re: whether he was running a share trading/gambling business or not. It went to the AAT.
He lost. His day trading was classified as a business due to repetition and quantity etc(and he had to pay tax) but his punting on the horses was not.
This was regarded as a hobby and profits/losses
were regarded as non taxable/non deductible.
Bit of a contradiction there as no-one will ever convince
me that day trading is not gambling. CGT legislation states that CGT is not payable on gambling income but no-where in the IT Act is there a definition of gambling.
Any dictionary defines it as "financial outlay based on the result of a future uncertain event" I could go on for hours but this is not the place.
Anyone that disagrees with NH is ill informed.
the red baron
http://theredbaronsbestbets.info/ |
|
By: new_horizens
12/06/2009
2:06 pm Yahoo! Profile:
new_horizens Did this message offend you?
Sign in to report abuse |
Reply to this message |
So how is everyone feeling today?
I've only just had a quick look at the fields for tomorrow. Nothing immediately stands amongst a mediocre rat-bag of nags that will be doing the hard yards tomorrow. Heck, in my opinion, some of them shouldn't even be allowed entry at the race meeting let alone be allowed to run!
But should we let that get in our way? No way!
So give us some time to check the form and likely track conditions etc etc.
I'll let you have my thoughts about a nag or two. Later I will suggest which is the best of a bad lot of nags to consider.
Even looking at this sorry bunch of third rate runners going around tomorrow, I'm even doubting my ability to hit the nail on the head. But I will still pose the question:
Can we make some tax free income tomorrow?
Well I say "YES... WE CAN!" |
|
By: forcup_compliance
12/06/2009
2:09 pm Yahoo! Profile:
forcup_compliance Did this message offend you?
Sign in to report abuse |
Reply to this message |
right on NH!
help humanity you are a great human being for helping
your fellow man!
and i for one appreciate it:) |
|
By: loopygiggles
12/06/2009
2:23 pm Yahoo! Profile:
loopygiggles Did this message offend you?
Sign in to report abuse |
Reply to this message |
Yay... New Horizens for President!!
I've been waiting all day but you weren't here. I was getting worried the naysayers had sushed you...... :-( |
|
By: starsie@ymail.com
12/06/2009
2:28 pm Yahoo! Profile:
starsie@ymail.com Did this message offend you?
Sign in to report abuse |
Reply to this message |
Got the Hubby awaiting the names to bet on.
Look forward to getting these bets on .. Good Luck everybody!! |
|
By: deborahmac09
12/06/2009
2:29 pm Yahoo! Profile:
deborahmac09 Did this message offend you?
Sign in to report abuse |
Reply to this message |
Yay... New Horizens for President!!
I've been waiting all day but you weren't here. I was getting worried the naysayers had sushed you...... :-(
_____________________
he could always get his own blog, maybe he should lol |
|
By: felixuosity
12/06/2009
2:29 pm Yahoo! Profile:
felixuosity Did this message offend you?
Sign in to report abuse |
Reply to this message |
| We wait with pencils poised to strike at the very heart of the ATO. |
|
By: skidmader
12/06/2009
2:31 pm Yahoo! Profile:
skidmader Did this message offend you?
Sign in to report abuse |
Reply to this message |
"Well I say "YES... WE CAN!"
Are we putting our money on 'yes we can'? What race? Where? How much do I win if i bet a lot? |
|
By: new_horizens
12/06/2009
2:35 pm Yahoo! Profile:
new_horizens Did this message offend you?
Sign in to report abuse |
Reply to this message |
Yeh... I don't know why the naysayers waste their time worrying about things they shouldn't even be worrying about. I don't worry. I can't see why they worry!
Anyway, I'm checking out the options...
Immediately I see a horse in the first at Ipswich that catches my eye... Bellagio Wynn. I've just got to double check I've got my facts right because to see this nag placed in a race like this really does just seem too good to be true, despite being lumbered with a top weight of 59kgs. I see it but I don't believe it!
Anyway, I'll be back! |
|
