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The time now is 08/21/08 - 17:25

Lotto win is taxable?


RealCool.BIZ Forum Index -> Tax -> Tax Planning / Exemption Investigations

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rutger
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Joined: 22 Oct 2006
Posts: 5



PostPosted: 03/12/08 - 07:44    Post subject: Reply with quote

Hello, folks! I’m Tom. Nowadays there are many new lotteries which are very tempting. I’ve tried my luck several times but I still haven’t won anything that is worth mentioning or being proud of. I wonder if the winners of greater sums or major prizes have to pay some taxes for their winnings. For instance, what if the winners of the show who wants to be a millioner had to pay a percentage, let’s say 10%. I think that’s too much and not ok. What do you think?
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lola
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Joined: 24 Sep 2005
Posts: 3



PostPosted: 04/10/08 - 23:11    Post subject: Reply with quote

Hello, Nick! I’m Marry from Sydney. As far as I know, here in Australia lottery winnings are not levied. This means that the sum which you win stays the same when you collect it. However, my neighbour who’s from Europe told me that in his country the lottery winners were supposed to leave some part of the sum since the winnings weren’t tax-free. I can’t remember the exact percent but the fact is that one had to pay taxes. So you are obligated to pay certain amount if your lottery system isn’t tax-free. I guess that nothing is for free.
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