Private ruling: Assessable income - windfall gain
Date of advice: 15 December 2020
Published: March 2021
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Is the prize awarded to you considered assessable income under section 6-5 or section 6-10 of the Income Tax Assessment Act 1997 (ITAA 1997)? | A1: No. The prize is not considered ordinary or statutory income and not assessable income under section 6-5 or section 6-10 of the ITAA 1997. The cash prize was not remuneration for services, you did not solicit the prize and did not rely on winning the prize to provide for your regular maintenance. It is a non-assessable windfall gain.

Relevant facts and circumstances: You received a Prize. You didn't submit a nomination for the prize. The prize recognizes the individual's lifetime achievements. The prize is an international recognition and is awarded to an individual.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 6-5 | Income Tax Assessment Act 1997 section 6-10