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.
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