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.

Posted 9 July 2013

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

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 Capital Gains. Bookmark the permalink.

Blog Categories

Salary / IRP5 (4,699 posts)
Independent Contractor (992 posts)
Provisional Tax (665 posts)
Medical (967 posts)
Capital Gains (408 posts)
Donations (246 posts)
Deductions (3,815 posts)
Commission (1,053 posts)
Rental Income (967 posts)
Retirement (1,042 posts)
Dividends (1,044 posts)
Depreciation / Wear and Tear (350 posts)
Penalties (780 posts)
Travel Allowance (771 posts)
Audit / Verification (2,666 posts)
Tax Threshold (496 posts)
Foreign employment income (202 posts)
SARS & eFiling (2,102 posts)
Company Tax (1 posts)
Foreign Investment (1 posts)
PAYE & UIF (44 posts)
Source Code (2 posts)
Foreign Income (1 posts)
TaxTim in the Media (1 posts)
Tax Tables (3 posts)
Financial Literacy Series (3 posts)
Cryptocurrency (3 posts)
Auto-Assessments (1 posts)

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.