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No tax payable at all. If you are lucky enough to win, you get to keep it all to yourself.
Correct me if I'm wrong but I thought you paid tax if you won twice (like that would be a problem?). It's considered you are a professional gambler?
No tax payable at all. If you are lucky enough to win, you get to keep it all to yourself.
Losses could theoretically be deductible if you were in the business of playing lotteries, but I think the tax office might use the fact that lotteries are pure chance and have a predetermined negative expectancy, and then claim it's a non-commerical operation (ie. one that can't be expected to make a profit over the long term).unfortunately they would then have to give you a deduction on amount spent
its considered a hobby and therefore wins or losses do not come into play for tax.
Since I think a large proportion of property investors are neg geared ... hobby status would be a HUGE downer.Can I declare my property investing a hobby then?
Or reported over a certain amount? I know the money earns no interest but is it a good place to hide money?
Olly