11067 views

0 Members and 1 Guest are viewing this topic.


Offline amgsl55

  • Tooth hurty

  • Joined: Feb 2011

  • Location: Adelaide
The infamous "Punters Club" spring to mind......

The syndicate, which bets on races all over the world, uses computer systems to place huge numbers and varieties of bets just before a race begins, relying on a combination of winning bets and rebates from betting companies on losing bets (these companies are desperate for Rangojecís extraordinary turnover) to make a profit. Ranogajecís net worth is unknown, but reports suggest he is fighting a $900 million tax battle with the Australian Taxation Office from his current base in Europe."

the Syndicate has thus far had a tax ruling classing it's activities as a hobby.  The ATO is trying to revoke this.  They operate via a number of OS companies which disguise ownership entities.

All I can say is the ATO is going to have a tough battle on it's hands.



Offline 360c

  • 300kph+ club
  • Drug Dealer

  • Joined: Apr 2006

  • Drives: Purple People Eater
Is he the guy with a car museum in Tassie? One of the Syndicate from Adelaide ran off with his Asian girlfriend and his ex-wife has spent 15 million dollars trying to get her cut of his hidden money. I dont get why she just didnt invest the 15 million and live happily ever after.
Apparently something like 70 or 80% of their bets lose but the wins make them many millions a year.

I suspect you mean David Walsh who owns the MONA art museum in Hobart. He is a member of the "Punters Club"; but the member whose divorce led to the ATO investigation is David Steicke. His ex-wife went to the ATO with information about the inner workings of the "club" and that led to the investigation.

http://afr.com/p/national/how_ex_wives_club_nailed_david_walsh_FfWQPtD3QkKTDqBH53eA0K



Offline 360c

  • 300kph+ club
  • Drug Dealer

  • Joined: Apr 2006

  • Drives: Purple People Eater
the Syndicate has thus far had a tax ruling classing it's activities as a hobby.  The ATO is trying to revoke this.  They operate via a number of OS companies which disguise ownership entities.

All I can say is the ATO is going to have a tough battle on it's hands.

They settled last week, terms were not released; but the ATO didn't get anywhere near what they were looking for.
There was an article in AFR last Saturday



Offline 360c

  • 300kph+ club
  • Drug Dealer

  • Joined: Apr 2006

  • Drives: Purple People Eater
About 8 months ago the 23 year old kid in front of me at a Tatts outlet got his ticket checked and had won $5million. He had just bought a house and his girlfriend was moving in. The Tatts agent said he had better get some advice from both a financial adviser and his solicitor.

I can't think how I would have dealt with that sort of money if I was 23 (young and reckless) compared to now (older and wiser).

I can imagine the advice- Don't cohabitate, don't get married, don't buy any asset together and don't share any Bank accounts, credit cards etc.  :rolleyes:



Offline AshSimmonds

  • Geekitecht

  • Joined: Feb 2006

  • Drives: GF's shitbox :(
  • Location: Adelayed
  • Name: Humble Narrator
  • www: AshSimmonds.com
I can imagine the advice- Don't cohabitate, don't get married, don't buy any asset together and don't share any Bank accounts, credit cards etc.  :rolleyes:

Windfall or not, great advice. :thumbsup:



Offline amgsl55

  • Tooth hurty

  • Joined: Feb 2011

  • Location: Adelaide



Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne



Offline AshSimmonds

  • Geekitecht

  • Joined: Feb 2006

  • Drives: GF's shitbox :(
  • Location: Adelayed
  • Name: Humble Narrator
  • www: AshSimmonds.com
The downside is it ruins any relationship you have.

According to propaganda a successful relationship ends in death.



Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
According to propaganda a successful relationship ends in death.

According to the Catholic church. :rolleyes:



Offline 360c

  • 300kph+ club
  • Drug Dealer

  • Joined: Apr 2006

  • Drives: Purple People Eater
The downside is it ruins any relationship you have.


........................ or have a 50:50 chance of losing a good portion of your hard earned assets down the road  :faint:

Reminds me of a quote from Rod Stewart " Instead of getting married again, I'm going to find a woman I don't like and just give her a house"   :D



Related Topics

  Subject / Started by Replies Last post
2 Replies
2148 Views
Last post Sat, 20 Aug, 2011 - 21:52
by cel


Latest Discussions