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Edited version of your written advice
Authorisation Number: 1051410234159
Date of advice: 6 August 2018
Ruling
Subject: Assessable Income
Question
Are the “Set for Life” lottery win amounts you receive to be included in your assessable income?
Answer
No.
Having considered your circumstances and the relevant factors, the prize is a windfall gain. Therefore, the value of the prize under subsection 6-5(1), section 6-10 and subsection 15-2(1) of the Income Tax Assessment Act 1997 is not assessable as ordinary or statutory income as there is no connection between payment and employment. Further information can be found on our website ato.gov.au and entering Quick Code QC 31936 into the search bar at the top right of the page.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You are retired.
You purchased a ticket in the Lottery.
You won the lottery and now receive the prize.
ATO view documents
ATO ID 2002/644
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 6-10
Income Tax Assessment Act 1997 Subsection 6-5(1)
Income Tax Assessment Act 1997 Subsection 15-2(1)