The views expressed by me are not necessarily those of my employer Chorus NZ Ltd
So the if there was one winner of the $1.5B and they took it all out in one go, they would of taken home about $650m.
Personal Income Tax
I think some other tax as well.
In NZ our winnings do get taxed but it is already taken out before we get it.
TG09: In NZ our winnings do get taxed but it is already taken out before we get it.
Bzzt. wrong answer
There is no tax on winnings in lotto in nz
wellygary:TG09: In NZ our winnings do get taxed but it is already taken out before we get it.Bzzt. wrong answer There is no tax on winnings in lotto in nz source: https://mylotto.co.nz/assets/dynamic_templates/Winning-Experience/images/Lotto-NZ-Winners-Book-2015.pdf Tax
You don’t have to pay tax on your prize money, but you will have to pay tax on any interest you earn from the money.
Fair enough I was just repeating from what someone told me.
Involuntary autocorrect in operation on mobile device. Apologies in advance.
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System One: Popcorn Hour A200, PS3 SuperSlim, NPVR and Plex Server running on Gigabyte Brix (Windows 10 Pro), Sony BDP-S390 BD player, Pioneer AVR, Raspberry Pi running Kodi and Plex, Panasonic 60" 3D plasma, Google Chromecast
System Two: Popcorn Hour A200 , Oppo BDP-80 BluRay Player with hardware mode to be region free, Vivitek HD1080P 1080P DLP projector with 100" screen, Denon AVRS730H 7.2 Channel Dolby Atmos/DTS-X AV Receiver, Samsung 4K player, Google Chromecast, Odroid C2 running Kodi and Plex
joker97: You want to buy US lottery?
I'm not buying a ticket in the US lottery until I get the £7,000,000 I won in the EuroMillions lottery. I've paid the £250 to have my prize released, so I should get my winnings any day now...
Rikkitic: If you win the lottery here, it is tax-free. If you win the lottery in America, it is also tax-free there. So if a Kiwi wins a billion dollars in the USA, is it tax-free when she comes home?
You don't pay tax on lotto winnings here in New Zealand. When you win the lottery in the United States you do pay federal income tax on the winnings and there are additional taxes in some states as well (not all). When you transfer money from the US to NZ you don't pay tax to bring the money in. However, as I understand it, if you are a New Zealand resident for tax purposes Inland Revenue may require tax be paid on income earned overseas, but if tax has already been paid on the income overseas you can get a tax credit for this.