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With a whopping $100 million up for grabs on Thursday Powerball draw 1461no wonder half of Australia’s adults can buy a ticket.
The jackpot is one of the biggest the country has seen and comes after four weeks without a winning record in Division One.
But have you considered whether you will have to pay tax on your Powerball millions if you want to win?
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Although lottery prizes — won through entries in the Golden Casket, NSW Lotteries, Tatts, Tatts NT and SA Lotteries — are classed as non-taxable income in Australia, there’s a sneaky loophole you should be aware of.
Lot advises that “once your prize is in a bank account, any interest earned on your prize is subject to income tax for both you and any gift recipients.”
He adds: “We strongly recommend that you seek professional financial advice for big lottery wins to ensure you get the most out of your luck.”
Lottery officials also advise that winners should be careful how their prize may affect other sources of income.
“If you are currently in receipt of a social security benefit from Centrelink, your award may affect your entitlement,” it said.
“This will depend on the amount of your award and the current value of your assets.”
If you are concerned about your gambling or the gambling of a friend or family member, log in Online gambling help or contact by phone at 1800 858 858.
You can access online counseling as well services in your country or territory and support for family and friends.
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