Private ruling: Assessable Income
Date of advice: 6 August 2018
Published: October 2018
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Are the “Set for Life” lottery win amounts you receive to be included in your assessable income? | A1: No. Having considered your circumstances and the relevant factors, the prize is a windfall gain. Therefore, the value of the prize under subsection 6-5(1), section 6-10 and subsection 15-2(1) of the Income Tax Assessment Act 1997 is not assessable as ordinary or statutory income as there is no connection between payment and employment. Further information can be found on our website ato.gov.au and entering Quick Code QC 31936 into the search bar at the top right of the page.

Relevant facts and circumstances: You are retired. You purchased a ticket in the Lottery. You won the lottery and now receive the prize. ATO view documents ATO ID 2002/644

Relevant legislative provisions: Income Tax Assessment Act 1997 Section 6-10 | Income Tax Assessment Act 1997 Subsection 6-5(1) | Income Tax Assessment Act 1997 Subsection 15-2(1)