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Joe Hachem is still riding the fortunate wave that began for him about seven months ago in July of 2005.

Under Australian law, a citizen does not have to pay income tax on any money earned from pursuing a hobby. And, as luck would have it, Hachem was not a professional poker player at the time of his big win Main Event win, so he does not have to pay any income tax on the $7.5 million he won at the World Series of Poker held in 2005.

Hachem's lawyer, Peter Donovan, said in a statement that "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 Melbourne
resident conquered a record field of 5,619 players on his way to the $7.5 million purse at last year's World Series of Poker Main Event.

Other big names participating in the 2005 World Series of Poker Main Event included Phil Ivey, Phil Hellmuth, Chris Moneymaker, Greg Raymer, Howard Lederer, Chris Ferguson, Mike Matusow, and Sam Farha.

The World Series of Poker is held annually. Circuit tournaments are held outside of Las Vegas in Atlantic City, but the vast majority of the events are in Las Vegas. Each tournament's winner receives a cash prize as well as a bracelet. The Main Event is for the popular poker game called Texas Hold 'Em, while other tournaments during the World Series of Poker include other poker games including Omaha and 7 Card Stud.

The buy-in for the Main Event is $10,000. Many participants qualified for the tournament by winning online tournaments, including the previous two winners Chris Moneymaker and Greg Raymer.

Hachem was born on November 3, 1966 in Lebanon, and is now a representative for PokerStars, which is an online poker service.

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<b>Hachem Avoids Paying Taxes on WSOP Winnings</b><br> by Jason Hahn<br> <br> Joe Hachem is still riding the fortunate wave that began for him about seven months ago in July of 2005. <br> <br> Under Australian law, a citizen does not have to pay income tax on any money earned from pursuing a hobby. And, as luck would have it, Hachem was not a professional poker player at the time of his big win Main Event win, so he does not have to pay any income tax on the $7.5 million he won at the World Series of Poker held in 2005. <br> <br> Hachem's lawyer, Peter Donovan, said in a statement that "As a result of this finding, the poker winnings were classified as income derived from a hobby, and thus not subject to Australian tax." <br> <br> The Melbourne <br> resident conquered a record field of 5,619 players on his way to the $7.5 million purse at last year's World Series of Poker Main Event. <br> <br> Other big names participating in the 2005 World Series of Poker Main Event included Phil Ivey, Phil Hellmuth, Chris Moneymaker, Greg Raymer, Howard Lederer, Chris Ferguson, Mike Matusow, and Sam Farha. <br> <br> The World Series of Poker is held annually. Circuit tournaments are held outside of Las Vegas in Atlantic City, but the vast majority of the events are in Las Vegas. Each tournament's winner receives a cash prize as well as a bracelet. The Main Event is for the popular poker game called Texas Hold 'Em, while other tournaments during the World Series of Poker include other poker games including Omaha and 7 Card Stud. <br> <br> The buy-in for the Main Event is $10,000. Many participants qualified for the tournament by winning online tournaments, including the previous two winners Chris Moneymaker and Greg Raymer. <br> <br> Hachem was born on November 3, 1966 in Lebanon, and is now a representative for PokerStars, which is an online poker service.<br> <br> <b>About the Author</b><br> <a target="_self" href="http://www.popularpokernews.com/">Poker</a><br><br><font size="1" face="arial">Get <A HREF="http://www.freearticlehq.com/">Free Articles</a> for your web site, newsletter, or ezine at the <A HREF="http://www.freearticlehq.com/">Free Article Headquarters</A></font>.