OMG! I Won a Car

[Open Addict]

$5 x 20,000 = A 'grip' a cash..

Unfortunately each club has only been able to raise $4000.00 each (that's $8000.00 total) Not many tickets were purchased in that case.

This means the tickets I bought and the tickets the in-laws bought. (20 between us) we had about a 1% chance of winning. Goods odds for a car.

 

[Giancarlo]

No tax involved. It's a prize win, just like if a person won on the poker machines, or won at the horse track, or a lotto win. 👍 The only way he would be taxed is if his profession was 'gambler'.

Lotto winnings are most definitely taxed. I have no idea about gambling.

I've heard a story of a family that unexpectedly won a $2.4 million dollar house in a raffle, much like this case in a charity event, and were then stuck with the huge $156,000 payment due to the IRS.

 

[TB]

I'll gladly give someone $156,000 in exchange for $2,400,000. It's still $2,244,000 more than I had!

 

[Open Addict]

Lotto winnings are most definitely taxed. I have no idea about gambling.....

Not in Australia. Any winnings is NOT taxed at all.

I got to see the car on the weekend. Looks a little smaller than i expected, But for free (almost) I am not gonna complain about it.

 

[Casio]

Not in Australia. Any winnings is NOT taxed at all.

I'm pretty confident Game Show winnings are.

 

[Wenders]

I'm pretty confident Game Show winnings are.

From ATO re declaring income from prizes

Game shows

Do not include prizes won in game shows unless you regularly receive appearance fees or game-show winnings.

 

[Casio]

I've swear I've read News stories about people who win shows like "Who wants to be a Millionaire" have to pay tax on that.

 

[Wenders]

Maybe those people are professional game show contestants and get paid for appearing on the show.

 

[Open Addict]

I have taken delivery of the little beast. I must say even thou I would probably not buy one myself, it is a great little car.

Very smooth to drive. Very econimical (should be for only a 1.5Ltr engine). Turns on a 50 cent piece, (which is excellent for city driving). And best of all, I am 180cm tall and built like a brick, and I can get in a nd out of it with ease. Very roomy for a small car.

All in all, I like it.

 

[mafia_boy]

Sweet stuff OA. I'm glad you're happy with it.

Now, sell it and buy an R33 GTS-t. jk.

As to the prize winning stuff, as I said before you only have to pay taxes if you legally state on your tax form that your profession was a professional gambler. The exception was Joe Hachem who had to pay tax to the Nevada gaming commission when he won the 2005 WSOP Main Event as he won that in the USA. Most people here work 9-5's anyway so they use the main job for tax and anything from gambling is a prize win we get from using the money we earn from the 9-5's.

 

[kevinm]

Damn! I won tickets to Petit Le Mans at Road Atlanta and I thought I was doing good! Congrats! -kevin