If i won $250,000 AUD how much would the tax people take?

Question

i live in victoria and i earn barely anything

Answer 1

the tax people wouldnt take anything...you dont  get taxed on prize money

Answer 2

If it was in the US it would be about 40% I am not sure about Austrailia.

Answer 3

I think 49c in the dollar is the highest tax bracket. but that's not for all the money. The first $6000 you earn you don't get taxed on. The next amount up to about $25,000 you get taxed 10% and so on. up to 49% for the last bit. I'm not sure exactly were it cuts offs are, but i think a fair chunk would be taxed at $49% it's basically a 'take from the rich' system, and so it should be. There is more to life than money.

Oh, i just remembered, the above system is for money you "earn" depending on how you win the money i think you can avoid tax altogether... Australian laws...full of 'loop holes'.

Answer 4

They would take zero! No tax is payable on lottery winnings in Australia. None is payable on gambling winnings either unless you're a professional gambler.

Answer 5

30% about

Answer 6

Yeah Emily, its about 40% here too unless you can write the earning off against a bad debt etc etc.

Answer 7

winning money from lottery or whatever...is non taxable.

so you don't have to worry about tax on them.. :)

Answer 8

All winnings from legal sources (lotto, TAB etc) is non taxable.

You will only pay tax on any interest earned if you invest it...if you spend it all, you don't have to pay a cent

Answer 9

All windfall gains such as Lottery winnings are not taxable in Australia. However any interest you earn on the money will be liable for income tax purposes.

Answer 10

Hi there,

windfall gain such as gambling and lottery wins, and competition prizes are non-assessable income IF it was not part of your income-producing activities.

Summary: you do not need to pay tax if it was not part of you income producing activities

Answer 11

In aust, generally prizes shouldn't be taxable - unless you are in the business of making money via prizes?