Getting started with Lottery Singapore
The best way to start playing is by signing up for an account on the official Singapore Pools website. Then, you can buy a ticket online and play the game from your home or office. You can even set a reminder to come back and play at a later date.
Unlike other lottery operators, Singapore Pools does not charge any tax on winnings. They believe that lottery winnings are windfalls, and that you should not be forced to pay taxes on them. They also deem lottery winners as self-employed workers, which eliminates the possibility of getting taxed for their salary and other incomes.
Lottery Singapore (Private) Limited is a state-owned lottery subsidiary company in Singapore that was established on 23 May 1968 to curb illegal gambling in the country. It is the only operator that has legal authority to organize lotteries in Singapore.
The company is owned by the Tote Board, a statutory board under the Ministry of Finance in Singapore. It is also the sole legal bookmaker and totalisator for association football and motor racing betting.
Winnings from lottery games in Singapore are not taxable as they are considered as windfalls and do not constitute an income. You do not have to declare them in your Income Tax Return and you can claim them as long as they are received within the first three months of the tax year.
Besides putting the winnings into a savings account, it is advisable to consult a financial advisor who can help you develop a plan for the windfall. They are trained to look at the money in an objective way and will be able to help you allocate it wisely so that you can build a sound wealth accumulation strategy.