Hello, I recently won a large sum of money at the casino ($8000) which i received in cash without a receipt! I also was gifted $5000 in cash from my father as a gift. My question is - do i have to report any of this or can I put the $13000 straight into the bank with no questions asked? I dont want to get in any trouble but I never use cash! Thanks !!
Unless you're running a gambling or betting business, gambling winnings are tax-free in Australia. Gifts are also free of tax, @Noah1313 . (And look after that $13k!)
Links FYI
https://community.ato.gov.au/s/question/a0J9s0000001DSO/p00028035
https://community.ato.gov.au/s/article/a079s0000009GnFAAU/tax-on-gifts-and-inheritances
Unless you're running a gambling or betting business, gambling winnings are tax-free in Australia. Gifts are also free of tax, @Noah1313 . (And look after that $13k!)
Links FYI
https://community.ato.gov.au/s/question/a0J9s0000001DSO/p00028035
https://community.ato.gov.au/s/article/a079s0000009GnFAAU/tax-on-gifts-and-inheritances
You should have asked the casino for a receipt because if you ever get audited and can't demonstrate to the ATO what your claiming they can assess those funds to you as income. The legislation places the onus on a taxpayer.
Have a look at my comments at the end of this post.
https://community.ato.gov.au/s/question/a0JRF000003ims12AA/p00392496?referrer=a0N9s000000Dac8EAC
22 Apr 2024 · 6 min read time
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