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Do I have to pay tax on winnings

Posted 28 February 2016 under Tax Q&A


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NC says:
26 February 2016 at 11:58

I have a small business running from home. Make on average about R5000-R6000 a month. I am not registered for tax. I recently won R40 000 from betting on soccer. Do I need to declare these winnings and how?

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TaxTim TaxTim says:
26 February 2016 at 13:58

No you do not need to declare these earnings and you will not have to pay tax on them. Is this a once off bet you won?

NC says:
26 February 2016 at 17:10

i bet 2-3 times a month for entertainment

TaxTim TaxTim says:
28 February 2016 at 20:35

Unless this becomes your actual income earned from this becoming an activity for profit making then you won't be taxed.


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Blog Categories


Small
Business
Tax Returns
Made Easy


TaxTim will help you:

 Do Your ITR14 Tax Return without a Tax Expert
 Claim for all the Deductions your Business Qualifies for
 Turn your Accounting Records into a Tax Return

TaxTim asks you simple questions about your business, then processes your answers and completes your ITR14 business tax return instantly.

Get started