Accounting for allowances and benefits for staff: Special benefits
Taxing prize money at sporting events and competitions
You must deduct withholding tax from prize money at any sporting event or competition, not just professional events.
Threshold
The prize money threshold is $500. For any amount won over this threshold, you must deduct withholding tax of 20%.
This applies to each separate participant, for each separate event the participant enters at the competition or sporting event.
Date published: 18 Jan 2007
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