1 week Ago By Yahoo Lifestyle
History was made during of when billionaire entrepreneur spent a whopping $15,030,000 on all five properties. Not only is this the first time , but the 2024 contestants also won the most amount of money in a single season. Each team walked away from the auction significantly richer, ranging from winners who made $1.
65 million including their $100,000 grand prize to who received $650,000. The result is a stark contrast to season 18’s auction in 2022 where winners Omar and Oz made $1.68 million profit while Tom and Sarah-Jane received just over $20k and three teams had to pass their properties in.
While fans have been thrilled by the end result and the fact that each of the 2024 teams was rewarded for their hard work, many have taken to social media to ask the same question: do they have to pay tax on their prize money? The simple answer is no, contestants don’t have to pay tax on any prize money they received on . According to , you do not have to pay tax on lottery winnings or other prizes - which includes reality TV prize money. The also states that similar to money won in a lotto or raffle, you don’t declare amounts received for game show prizes.
“When it comes to winning prize money on reality TV or game shows, you'd only declare it if you regularly appear on these kinds of shows. Then you'd be more like a professional game show contestant/reality TV star. If it's more like a one-off thing then no need to declare,” an ATO employee answered in a earlier this year.
A previous contestant has also confirmed to that the money won at the auction isn’t taxed, but there is a slight catch in terms of when you receive it. “You don’t get it for 12 months,” they revealed. “It’s spread over that period so you don’t talk bad on the show and if so, you don’t get your money.
” 2023 runner-ups , who made $1.05 million at last year's auction, also told in February that contestants receive their prize money “in instalments” but they were yet to be sent any of it. House 1’s Maddy and Charlotte became the winners of 2024 when they received $1,550,00 profit, and subsequently received the additional $100,000 prize money.
Coming in second were House 2’s Courtney and Grant with $1,300,050 profit, followed by House 5’s Kristian and Mimi in third place with $1,030,000 profit. Fourth were House 3’s Haydn and Ricky who made $750,000 profit and coming in last, but still smiling, were House 4’s who made $650,000 profit. Kylie said the whole experience had been worth it in the end and she was very grateful.
“It was worth it,” she said. “Unfortunately. Because I was a different person here.
But...
we made it. We're very grateful.”.
