Tax man stalks cash gifts from record PowerBall winner | Duncan025
"In terms of paragraph 60 to the eighth schedule of the Income Tax Act, a taxpayer who is a natural person must disregard any gain or loss in respect of a disposal relating to any form of gambling, gaming or competition, where such gambling, game or competition is authorised by, and conducted in terms of, the laws of South Africa.
However, the picture changes significantly should the winner decide to show some love and shower friends and family with cash. "In a year of assessment, so much of the sum of the value of all the property disposed under donations by a donor who is a natural person is exempt to the extent that same does not exceed R100 000.'I'm so excited, it's like I won it' - record PowerBall win is great for Cape Town store that sold jackpot ticket
On the other hand, should the winner decide to leave the cash in a saving account and live off the interest, there may also be a significant tax bill.
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