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Chevy10(Newbie)Newbie
27 Feb 2025

Hello,

I have won around 600,0000... (6 hundred thousand dollars) with a online Casino. I made a deposit of $100 dollars.

My question is... Can I withdraw this amount into my bank account with out getting I to trouble?

WILL it be garnished for GST or anything of that nature?

WILL that amount be concidered as income because it is so large?

Please advise me on how best to go about receiving my winnings without being punished by Australian gov!

Would prefure to do it the right way first time!


I would also like to add that I am a single mother on centerlink benifits, no employment income outside of centerlink apart from the odd door dash delivery this year I have only gained 60$ from doordash deliveries. And also I do have my own ABN essential for doing doordash deliveries...


Thanks

2,888 views
4 replies
2,888 views
4 replies

Most helpful response

Most helpful reply

Tusn(Enthusiast)Enthusiast
27 Feb 2025

Hi Chevy10,


That's quite a large win, congratulations!


You won't need to declare the winnings as income on your tax return as it is a one time win.


However just to note, any interest earned by the amount in your bank account will be considered taxable income.


If the interest amount and income from other sources is within the tax free threshold you won't need to pay tax.

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Most helpful reply

Tusn(Enthusiast)Enthusiast
27 Feb 2025

Hi Chevy10,


That's quite a large win, congratulations!


You won't need to declare the winnings as income on your tax return as it is a one time win.


However just to note, any interest earned by the amount in your bank account will be considered taxable income.


If the interest amount and income from other sources is within the tax free threshold you won't need to pay tax.

Chevy10(Newbie)Newbie
28 Feb 2025

How would I know if it is within the tax free threshold? Please


And thanks heaps for responding

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Tusn(Enthusiast)Enthusiast
28 Feb 2025

The tax free threshold for the 2024-2025 financial year is $18,200 assuming you are an Australian resident for tax purposes.


So if the interest amounts and income from other sources is below that amount you won't have a tax amount payable.


If you need help preparing your tax return this year, it might be best to see a tax agent so everything is prepared properly.


Thanks!

RachelATO(Community Moderator)Community Moderator
12 Mar 2025

Hi @Chevy10,


I've linked the tax rates for you, to give you an idea of how much to pay depending on income.


You don't need to declare gambling winnings as income. You only need to declare your gambling winnings or losses as income if you are a professional gambler carrying out a business of betting or gambling.


You can review the taxation ruling for business of betting and gambling to see whether you are in business or not.



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