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Winning money in a local draw
mdsaver
Posts: 2 Newbie
Hi, Recently I had the good fortune to win the top prize in a local draw which was a sizeable amount. I have done some reading around tax and capital gains. Capital gains tax does not require tax on pools or lottery wins. Does anyone know if all draw winnings are exempt from tax?
0
Comments
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You have won a prize in a draw and therefore it is not earned income. As such no tax is payable. Tax would potentially only be payable on any interest earned from investing the money. Congratulations and enjoy it.0
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Thanks NAR. Just wanted to check it out. Yip I will enjoy it indeed! :T0
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