Tax – more interesting than you think
When it comes to Australian literary prizes – did you know that the prize money is taxable? Yes, you read that right. Next time you win the Miles Franklin, after you’ve sobered up from the after party and cashed your cheque for $60,000, the taxman will insist that you include your literary windfall as ‘income’ on your next tax return. But don’t despair. Big win at the horse races? All that cash is yours to keep. Take home the grand prize on a TV quiz show? All yours. Place a [...]