55 million tonight. Africa here I come.

It doesn't get much attention here unless it is over about 400. Good luck. Remember me if you win!

One winner. It wasnt me. Was it you Bakes?

About 5 years ago, one of the guys at work (In Auckland) won $2M NZD in the lottery.

No some bastard in Victoria won it ALL.....

Having never won it, I understand the winner keeps the lot in Australia.

How about in the States, of those huge mega draws, do they get taxed,much?

A lazy $400M would be handy...then again, so would much less.

A $400M jackpot is paid out over 20 years at $20M per year or you can take the cash option which is like 62.8% ($251.2M).

Of that, the Federal Government will take 37% (2018) so you will wind up with $158.2M.

Then depending on what State you live in, you could pay up to another 13.3% (of the $251.2) in State and local income taxes.

Worst case, you win $400M draw and walk out with a check for $124.8M or so.

20y.o kid in Fla.
Won the $451? mil, took cash out.

That young, he'll blow it all most likely. When he could have lived long enough to collect most of it.

Taxes like that are a damned shame. Shouldn't be allowed to reduce it by 75%.

George

quote:

Originally posted by Spartan:
Having never won it, I understand the winner keeps the lot in Australia.

How about in the States, of those huge mega draws, do they get taxed,much?

A lazy $400M would be handy...then again, so would much less.

I think in America the crooks in the government take about 40%.

And knowing how crooked Australian politicians, I bet that would be the minimum they take

We are lucky here we don't have crooked politicians, we sent them all to Aussie and some of them are just being found out now that they are not true blue polys with roots from the first convict ships and so they booted them out of parliament.

Now on a slightly more serious note, we are allowed to keep all lotto, or lottery winnings without being taxed except we must pay tax on money we earn through investment of any winnings.
The best idea would be to deposit all your winnings into a trusty PH's account and then hunt Africa until you snuff it or the money runs out whichever comes first. The taxman gets nothing

Hi all, first post on this forum.

Having won a significant lotto winning in the past (15 years ago) I can tell you that in Australia the winnings are not taxed.

Like eagle27 said of New Zealand, you will get taxed on any earnings you make from the winnings though.

Welcome Bob

BOB:

Congrats on winning that kettle of coins!
You blow it all by now, or still have a jar full?

George

Ha, it wasn't that big, especially when you compare it to, say, a $400mil jackpot. But it was huge when you compare it to the $5 each the fellas and I at work put into it.

It is but a distant memory now, but it did help me out a lot at the time.

In the UK our largest jackpot was 160 million pounds. No tax. Current bank interest would give 320,000 pounds per year before tax at 40% leaving an annual income of 192,000 pounds ($266,100) without touching capital amount. However we would be advised to spend it as inheritance tax on cash sums is also 40%.

quote:

Originally posted by Bakes:
55 million tonight. Africa here I come.

following the Trump logic, you might be able to buy a small country

WHAT? 55 million for a shithole?

Mais oui!

Don't want a country....just want to go and shoot stuff.

Has the person come forward yet to collect?