Do your Tax with TaxTim and WIN R10,000  More info   T&C's apply


How much will I get out from a R500 000 cash prize in a competition after tax.



What amount will be paid for tax when I receive R500 000 lump sum in prize money from a competition?

TaxTim TaxTim says:
15 July 2013 at 19:13

It would not be taxable as it seen as a "fortuitous gain" so a capital event not income earned.

This entry was posted in Tax Q&A and tagged . Bookmark the permalink.




Submit your tax return right here!

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.