A fellow workers retired elderly parent won lotto a while ago, just over a million dollars.
Anyway they purchased a unit as PPOR 400k (lived with one son prior to this)
Brought a car eg. 30k
Gave 125K to grandkids
Giving 300k to 3 kids
Shouted a holiday for one daughter + some clothes
The parent is over 65 years of age was not well off before this.
I believed that years ago if you gave away over 10K (from an inheritance eg will) to someone else you had to pay tax.
Anyone got an idea if tax has to be paid when giving away lotto winnings?
Because I am thinking....
1,300,000 - 400,000, - 30,000 - 125,000 - 300,000 = $ 445,000 to live on.
445,000 invested at 4.3% = $19,135 which is better than the pension but...
Thanks
Anyway they purchased a unit as PPOR 400k (lived with one son prior to this)
Brought a car eg. 30k
Gave 125K to grandkids
Giving 300k to 3 kids
Shouted a holiday for one daughter + some clothes
The parent is over 65 years of age was not well off before this.
I believed that years ago if you gave away over 10K (from an inheritance eg will) to someone else you had to pay tax.
Anyone got an idea if tax has to be paid when giving away lotto winnings?
Because I am thinking....
1,300,000 - 400,000, - 30,000 - 125,000 - 300,000 = $ 445,000 to live on.
445,000 invested at 4.3% = $19,135 which is better than the pension but...
Thanks