New Zealand couple hopes $17 million lottery prize will last generations

Comment #10

kao1632 — Sat, 31 Jul 2021 04:20:15 GMT

If, say, you win NZ$17 million -- it is direct deposited into your bank..

You can withdraw money from your bank account without incurring any tax liability on that original NZ$17 million

If (and these days it is a big if with banks) you earn interest on that NZ$17 million.. You will be paying tax on that interest (tax collected by the bank before you see the money).

Comment #9

EdG1955 — Thu, 29 Jul 2021 21:20:46 GMT

According to NZ gov website: If you win money from Lotto or Bonus Bonds, you do not have to pay tax on your prize, but you pay tax on any interest you earn if you invest the money.

So bank account interest earned would be taxed, but not the initial prize money.

Comment #8

Bleudog101 — Thu, 29 Jul 2021 20:33:12 GMT

OK, so if you put it in the bank so to speak and then withdrew monies, is that taxed? I could swear that's what my Canadian counterparts told me happens there.

Another great day for the stock market and I feel good.

Comment #7

kao1632 — Thu, 29 Jul 2021 09:34:45 GMT

Yes.

What you win is what you get. No tax on winnings in NZ.

Comment #6

EdG1955 — Thu, 29 Jul 2021 00:12:30 GMT

God Bless this generous couple for thinking of their family and not just themselves. People like this deserve their good fortune.

Family is incredibly important to us, so we want to make sure the win lasts for generations, the husband said. We are just so excited to be able to set up our family for the future we feel so incredibly lucky.

Comment #5

CDanaT — Wed, 28 Jul 2021 19:28:51 GMT

Tucked the ticket into a cupboard Not exactly my first choice ...BUT...it worked for them

Congrats to the both of you !! Enjoy your newly acquired wealth and here's hoping you both get many future Sunday sleep-ins

Comment #4

Mata Garbo — Wed, 28 Jul 2021 16:10:37 GMT

Thanks Kate, for yet another great story on the joys of winning. The visual picture you paint of the couple sitting on the bed reading the numbers with their hands shaking in anticipation is a thing of beauty. Congrats to them both and their family.

Comment #3

ThatScaryChick — Wed, 28 Jul 2021 14:29:23 GMT

That's great news to read! Here's hoping their great fortune last for many generations.

Comment #2

Raven62 — Wed, 28 Jul 2021 14:18:09 GMT

Congrats to the Winners

Comment #1

Bleudog101 — Wed, 28 Jul 2021 14:07:43 GMT

Great story! Anonymous and I believe tax free too!

Sounds like they have a good plan and certainly the money will outlast them since they seem to be planning accordingly.

Now going to NZ website to read about their lotteries. Was on a website that had lotteries from all around the world and looked up a few obscure ones.

New Zealand couple hopes $17 million lottery prize will last generations

Lottery Post — Wed, 28 Jul 2021 12:37:13 GMT

A young married couple from Auckland, New Zealand, started their Sunday morning learning they were $17.16 million (US$12.6 million) richer.

The couple, who want to remain anonymous, won Powerball First Division in Saturday night's draw after buying their ticket from West City Lotto in Henderson.

The husband said he was up with his children on Sunday morning while his wife had a much-deserved sleep-in. He was on his phone when he saw Powerball had been won by a ticket purchased at one of th... [ More ]