Peter Donovan Quotes (4 Quotes)

He was a full-time mortgage-broker and poker was a pursuit. He was doing about four or five hours a week, just like we would play tennis or watch TV.

I'm actually not worried about it, although I'm a little worried about the perception of it.

Lenders don't like people taking out unsecured loans for their deposit. A substantial loan brings down the amount of mortgage you can afford to borrow, and if you try to get an unsecured loan without telling the mortgage lender, you are deliberately misleading your lender.

As a result of this finding, the poker winnings were classified as income derived from a hobby, and thus not subject to Australian tax. The distinction between the conduct of a business and the mere pursuit of a hobby is often a difficult distinction to draw. However, the fact that you excel at a particular hobby should not be fatal for tax purposes.