Total value of estimated PowerBall jackpots sitting at R178 million

3WA

Honorary Master
Joined
Sep 25, 2012
Messages
12,150
With R18m.

That's the thing. R18m isn't **** You money. If you follow the 5% rule, it will give you R900k solidly every year for the rest of your life, which is great for an upper middle class lifestyle, but it doesn't mean you can quit your job and take five international trips a year only staying five star, while defaming Jacob Zuma on Twitter and settling the resultant lawsuit without even blinking at the expense, and making it rain for your whole extended family and then antagonising those who become entitled, but upping your security because you're going to p1ss some people off so bad that they send assassins for you.

All of the above being what I'm planning to do if I win the lotto.
 

Temujin

Honorary Master
Joined
Apr 18, 2015
Messages
12,564
Who are you buying that amount of bitcoin from and how are you going to transfer the money?
Its only 260 odd btc... otc markets, hell, even luno would probably set you up with most if not all of it
 

Pineapple Smurf

Pineapple Beer Connoisseur
Joined
Aug 2, 2016
Messages
37,362
It's open knowledge lottery winnings isn't taxed. Before you saddle onto your high horse because of your misunderstanding, what I was referring to was tax for people who want to leave sa (via tax emigration) as @6spdmanual was referring to in my quote (otherwise you can slowly peel off R1 million a year for the next 160 years, or R10 million over 16 years if sars approves your request annually). Do people not read within context ffs.

Winnings aren't taxed in SA

100% Correct
Ithuba already pays the tax on all winnings
Coz as a South African nation can you just imagine if people won millions every week and then didn't pay the taxes? Eina. This is Africa and we are corrupt, so they had to pay the taxes already and then dish out the winnings afterwards :thumbsup:
 
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Scooby_Doo

Executive Member
Joined
Sep 4, 2005
Messages
7,816
It's open knowledge lottery winnings isn't taxed. Before you saddle onto your high horse because of your misunderstanding, what I was referring to was tax for people who want to leave sa (via tax emigration) as @6spdmanual was referring to in my quote (otherwise you can slowly peel off R1 million a year for the next 160 years, or R10 million over 16 years if sars approves your request annually). Do people not read within context ffs.


Are there limits to transferring money out of South Africa?​

Should you wish to exceed this R11 million amount, we can assist you in applying for a Letter of Compliance from SARS. This will allow you to transfer more than R11 million in a year. Once this letter has been delivered, it must also be sent to the SARB for approval. Once approved, you will be able to externalise your funds.

There is no limit to how much money you can send out of the country with such an application, but each application is judged on its own merits. We have experience with these applications and can assist you through the process to ensure your application had the greatest chance of success.
 

3WA

Honorary Master
Joined
Sep 25, 2012
Messages
12,150

Are there limits to transferring money out of South Africa?​

Should you wish to exceed this R11 million amount, we can assist you in applying for a Letter of Compliance from SARS. This will allow you to transfer more than R11 million in a year. Once this letter has been delivered, it must also be sent to the SARB for approval. Once approved, you will be able to externalise your funds.

There is no limit to how much money you can send out of the country with such an application, but each application is judged on its own merits. We have experience with these applications and can assist you through the process to ensure your application had the greatest chance of success.

But do you pay tax on the amount beyong R11m that you transfer out?
 

Scooby_Doo

Executive Member
Joined
Sep 4, 2005
Messages
7,816
But do you pay tax on the amount beyong R11m that you transfer out?

Why would you? Unless you already owe tax.


The whole process of confirming and approving you to take that amount of money is to ensure that all your obligations in SA are met.
 

Sads-1-zn

Well-Known Member
Joined
Nov 27, 2011
Messages
369
Normally when the jackpots are big I take one line quick picks. But today I selected my own numbers for R7-50. And its all jackpot is all mine lol . if I win:

I will give half to my sister.
Give some money to old age homes and hospices.
Buy/build of one those tiny homes from the weather channel.
Buy a R50000 Civic/Jazz.
Invest most, keep some liquid incase of emergencies.
And continue to live like a poor chap.

At my current rate of expenditure it will take me ages to go burn through all of it. And no my spending won't change. So yeah I got it all figured out.
 

SAguy

Executive Member
Joined
Nov 4, 2013
Messages
8,005
Normally when the jackpots are big I take one line quick picks. But today I selected my own numbers for R7-50. And its all jackpot is all mine lol . if I win:

I will give half to my sister.
Give some money to old age homes and hospices.
Buy/build of one those tiny homes from the weather channel.
Buy a R50000 Civic/Jazz.
Invest most, keep some liquid incase of emergencies.
And continue to live like a poor chap.

At my current rate of expenditure it will take me ages to go burn through all of it. And no my spending won't change. So yeah I got it all figured out.
If you gave your sister half, R80m, you'd have to pay SARS R18.5m in donations tax if my calculations are correct. You may wanna rethink that
 

MightyQuin

Not amused...
Joined
Oct 6, 2010
Messages
23,982
Normally when the jackpots are big I take one line quick picks. But today I selected my own numbers for R7-50. And its all jackpot is all mine lol . if I win:

I will give half to my sister.
Give some money to old age homes and hospices.
Buy/build of one those tiny homes from the weather channel.
Buy a R50000 Civic/Jazz.
Invest most, keep some liquid incase of emergencies.
And continue to live like a poor chap.

At my current rate of expenditure it will take me ages to go burn through all of it. And no my spending won't change. So yeah I got it all figured out.

You literally don't....
 
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