Top 4 Tips to Avoid Taxes on Lotto Winnings

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Winning, receiving a share of a win or being gifted money has no tax implications on the initial amount and does not need to be reported to us If an individual receives a lottery win in Australia it is generally deemed a one off prize and not taxable The website advises

new york lottery quick pick All must pay lottery tax of % with cess if the winning amount is above Rs 10000, regardless of their income, winnings, age, Some states with income taxes withhold lottery checks and some do not If you're the winner, be sure to budget some extra money for taxes in