Tax guru’s tips on what to do with $200m Powerball jackpot

Half of Australia has entered the nation’s biggest ever Powerball jackpot. But what should you do if you were to win $200m?

The biggest lottery in Australian history is set to be drawn on Thursday night, with half of all adults in the country expected to buy a ticket for the enormous Powerball.

A sum as vast as $200m is beyond comprehension for most people – and accordingly, many would not know where to start with such funds.

To help bridge the gap, a self-described “tax guru” on TikTok has offered her top tips for the lucky Powerball winner.

The TikToker, Kiki, said that since your winnings are all yours tax-free, the most important thing was to handle the overwhelm without doing anything rash.

“This is what you’re going to do if you win the Lotto,” she said.

A self-described tax guru offers her top tips if you win the $200m lottery. Picture: TikTok/taxtipsandtricks

Tell one person

She said keeping the news quiet was absolutely essential and the winner should tell the fewest number of people possible.

“Don’t tell your extended family, don’t tell all your friends, just tell one person,” Kiki said.

“The purpose of telling that one person is that you can share the excitement and you can let it out and be happy and whatever.”

Quit your job

Despite many people insisting they love their jobs, Kiki said there was surely nothing that could be important enough to continue after winning $200m.

“I know there’s people out there that are like ‘I love my job’ and I’m sure you do, it’s great, whatever – but let’s be honest, if you have $200m, you probably don’t need to do what you’re doing right now,” she said.

Telling your boss you were quitting in a subtle way was essential, she said, because “you never want to burn any bridges”.

“Even if you’re a big billionaire, do not burn bridges.”

She suggested using excuses such as burnout or “reassessing next steps” to avoid suspicion.

Don’t do anything drastic

While there would be an urge to immediately pay off every debt you have amassed, Kiki said it was important to resist paying off huge sums immediately.

“Don’t do anything drastic, don’t go and pay off your mortgage, don’t go pay off your mum and dad’s mortgage,” she said.

“I don’t know, people in Australia are just obsessed with paying off their mortgage and I think they really need to think about mortgages and what they mean.

“So please, it’s good to have debt … just sit tight.”

Someone’s going to be cashed up. Picture: NCA NewWire

Book yourself an Italian holiday

Kiki recommends taking yourself off to a secluded location, such as Tuscany.

She said it was critical to give yourself time to think alone.

After booking yourself a first-class flight somewhere stunning and secluded, she said to use the “holiday to think” rather than to thrill.

She said to resist the temptation to go shopping, instead just take a notepad and dedicate as many days as necessary to plan how to spend the winnings.

“Remember that this whole thing is going to be so overwhelming, so when you win the Lotto, your mind is going to be racing,” Kiki said.

“Most important: do your thinking in your peasant clothes.”