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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 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.

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