Income Tax on Awards & Prizes
Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,
Tax Planning for Lottery Winners taxes paid on lottery winnings
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Congratulations! · In Australia, lottery winnings are classified as tax-free income · This includes all prizes won through Golden Casket, NSW Lotteries, Tatts,
taxes on poker tournament winnings The TDS of % is a flat tax on the winning amount; it will not be added to your income and you will not be able to benefit from your income tax rate slab
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