What to Do If You Win the Lotto

do you pay tax on lottery winnings in australia
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Generally, if someone wins a raffle, Lotto or prize money in a draw, these winnings are not taxable Similarly, prize money from a dog,

Answer: The prize itself will be tax free but any increase in value will be subject to capital gains tax Just keep in mind that CGT is not Determine if your gambling winnings are exempt from federal income tax and if you're eligible to claim a refund of withheld taxes

mega millions lottery rules Local taxes such as income tax are the responsibility of the individual players, not theLotter Australia We recommend you consult with a financial advisor and Congratulations! · In Australia, lottery winnings are classified as tax-free income · This includes all prizes won through Golden Casket, NSW Lotteries, Tatts,