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Do I have to pay tax on money won through gambling?

I went gambling last weekend and won $12,000. Last month I won a lot of money at the Melbourne Cup races. Do I have to pay tax on the money?
Asked in Newcastle - Newcastle and Lake Macquarie, NSW, 03-03-2015
1 Lawyer Answered
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Lawyer Answers (1): Answers from lawyers are general preliminary responses. They are not formal legal advice and cannot taken account of all your circumstances. They do not create a lawyer–client relationship.

  • Answer by Bronwyn Tan, Sydney 2000 NSW

  • Unless you are carrying on a business involving gambling the money won from the lottery or gambling should not be assessable as income.
  • If you are in a professional gambling syndicate that exists to make profits from gambling and meets the criteria for operating a business then the net income will be taxable as income earned from carrying on a business.

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