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#1
I know this has been previously discussed, but i was wondering about this situation.
I am currently in a punting club selecting one winner a week over the 22 weeks of the year
say we get to the $100k aim, what happen to me in terms of tax when i withdraw $100,000 into my bank account?
i am a 22 year old student who wouldnt have earned that much in my life so far.
surely it is tax assessable? I'd have to divvy it up 5 ways so if im gonna be taxed i need to take that into account before distributing the money
I am currently in a punting club selecting one winner a week over the 22 weeks of the year
say we get to the $100k aim, what happen to me in terms of tax when i withdraw $100,000 into my bank account?
i am a 22 year old student who wouldnt have earned that much in my life so far.
surely it is tax assessable? I'd have to divvy it up 5 ways so if im gonna be taxed i need to take that into account before distributing the money

