UPDATE: The $150 million winning Powerball numbers
An important warning has been issued to all Australian Centrelink recipients ahead of tonight’s $150m Powerball draw.
The Powerball Draw 1462 division one prize has hit the eye-watering amount after going unclaimed for six weeks.
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If one person selects all seven winning numbers and the all-important Powerball number this week, they’ll become Australia’s biggest-ever lottery winner and collect the entire $150 million.
But The Lott has urged anyone who receives Centrelink payments to be aware of a little-known loophole if they take home a major prize in tonight’s draw.
It’s been revealed that taking home any substantial winnings — and even giving them away to friends and family — could affect the ability to collect benefits in the future.
It’s further advised that winners who receive Centrelink payments should seek advice from a financial advisor or Services Australia after receiving their prize.
“If you currently receive a social security benefit, your prize may affect your entitlement,” The Lott advises.
“This will depend on the amount of your prize and the current value of your assets. Giving your prize away may also affect your social security benefits, so we encourage you to get financial advice and check with Centrelink.”
Services Australia says lump sums — or one-off amounts of money — can count “in your income test and may affect your payment from us”.
You can read more on which benefits are affected by large payments here.
Do you pay tax on Powerball winnings?
While lottery prizes — won through entries with Golden Casket, NSW Lotteries, Tatts, Tatts NT and SA Lotteries — are classified as tax-free income in Australia, there is a sneaky loophole you need to know about.
The Lott advises that “once your prize is in a bank account, any interest earned on your prize is subject to income tax for both you and any gift recipients.”
It adds: “We strongly suggest seeking professional financial advice for major lottery wins to ensure you receive the maximum benefit from your good fortune.”
If you’re concerned about your gambling or the gambling of a friend or family member, log on to Gambling Help Online or make contact via phone on 1800 858 858.
You can access online counselling as well as services in your state or territory and support for family and friends.