Competition winners on ACA

[colins]

Tomorrow night (Channel 9 6.30pm Friday Sept 21) there is a story on A Current Affair about a few comping people who say it's easy to win $40,000 in tax free prizes a year!

[mrskiwi]

I don't know about easy.....

[eveready]

Next thing the Tax man will make them taxable! I wish they'd just keep quiet! Prizes have to be declared in the US!

[Arran]

Guess they must get paid for their story!  I wish they would shut up too and just go about things quietly!

[JRN]

I read the rules a while ago and basically "hobbies" that produce income are tax free, though I think the assumption is that the income is incidental.  If prize income became your main or only source of income then the ATO might argue that it should be taxable.

As a general rule there is no need to declare. 

In the US as Everready says, prize income is taxable.  Those cars that Oprah gives away to audience members, for example, incur a tax bill in the $1000's.

[bubbalor]

I wish they'd shut their mouths too. I'm not sure how these people win $40,000 every year, but their exaggeration is an unnecessary spotlight and may alert the ATO to an unrealistic situation. So annoying, they just want to brag.

[bindieye]

Next thing the Tax man will make them taxable! I wish they'd just keep quiet! Prizes have to be declared in the US!

Totally agree...I cringe when I hear compers telling their stories.

[wattle]

It'll most likely be about the same people it's always about...must be a slow week for stories, if they have to yet again rehash the same old same old.

I guess if the ATO ever start to tax us on prizes it will open the floodgates on what we can claim to "ëarn" our prize ie stamps, envelopes, all the products we buy to win, magazine subscriptions etc.

[snuggle1]

Yes, I enjoy reading about members who win great prizes - especially when the person has been down on their luck.

But, given that at least some of us donate some of the prizes to other people or organisations, it makes it difficult to account for every last cent - especially when the prize value is not specified, or its value has been inflated.

However, I do not see the need for some people to go on television shows and inform people of their wins.

I still believe that some people should show humility, and be grateful that sites like ACC exist for our benefit, and provides us with the option of depending upon the member's preference and quality of service service that may be fee for service, or free.

Of course, our admin and moderators who are great also.

[scout]

These stories annoy me too! There are probably bigger winners who don't feel the need to constantly go on national television and boast about their wins.
Many of these stories are to promote paid comping sites. They regularly recruit members to promote their business. (I was once asked to appear but declined!)
What I dislike most is that they make it seem so easy to win huge amounts and never mention the time and effort involved. I'm sure that after stories like this there is a big influx of people entering competiitons only to be disappointed when they don't win big immediately!