Lotto Syndicate Win

(Newbie)Newbie

30 Mar 2021

Hi,

Within my office we have a lotto syndicate where we deposit an equal amount of our pay into a bank account then purchase lotto tickets online. The syndicate bank account is in 2 peoples names and the lotto account is in another persons name.

If we were to win the lotto jackpot, once it is deposited into the syndicate bank account when we transfer the winning shares to everyone is tax to be paid? I know you do not pay tax on a lotto winning but due to the bank account having 2 account holders and have multiple people in the sydnicate, will the people that need to have their share transferred pay tax and the people with the account in their name not pay tax?

Thanks!

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BlakeATO

(Community Support)Community Support

31 Mar 2021

Hi @AussieTaxPayer1,

Even if the group purchases the tickets in one person's name, and the funds are originally distributed to one person, these still count as lotto winnings and are not taxable at any point to those involved.

You can read about amounts you do not include as income on our website.

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