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Edited version of private advice
Authorisation Number: 1052164976227
Date of advice: 5 September 2023
Ruling
Subject: Assessable income
Question
Are proceeds received from your activities, assessable income under section 6-5 of the Income Tax Assessment Act 1997 (ITAA 1997)?
Answer
No
Based on the information provided to the commissioner the amounts you win are not assessable income under Section 6-5 of the Income Tax Assessment Act 1997 and is not required to be declared in your income tax return.
This ruling applies for the following periods:
Year ended 30 June 2023
Year ended 30 June 2024
Year ended 30 June 2025
Year ended 30 June 2026
Year ended 30 June 2027
The scheme commenced on:
1 July 2022
Relevant facts and circumstances
You work as a professional.
You work a number of hours per week.
On your days off you engage in recreational activities.
You don't play in larger events where you have to qualify. It's possible you may in the future, but it would be infrequent as they are rare.
You record your profits and losses along with the time you are active.
You do not have any expenses associated with your activities other than your travel and food.
You participate socially with your friends.
You recently purchased a personal item with your proceeds and usually put the money aside to use in the activity.
You receive proceeds in cash, and very occasionally cheques.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 6-5