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Originally Posted by Biff
From the individual person (racer) its covered by your tax assessment, same as any other declareable extra income. On the punt it is done at source by the betting company. You can either pay the tax on your stake, or pay the tax on the winnings, depends which you want to do.
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Here the betting company (TAB) takes out roughly 12% of all winnings from the pool. But then when you receive your winnings you should really be taxed again. Its a tax on a tax basically. Thats as far as I understand it.