Past winners of the award include legendary writers such as Tim Winton, Thomas Keneally, Alexis Wright, Thea Astley and Peter Carey.
And because it’s Australian culture, you can place a bet with a bookmaker on which title on the shortlist will win the award.
The winner of the Miles Franklin can expect prize money of $60,000.
Many will then pay around $20,000 of that back in income tax.
But if you picked the winner of the Miles Franklin with the bookies, your winnings are tax-free.
Isn’t that weird? Winning authors pay tax. Mug punters, no tax.
It gets weirder. If you win the lottery, Who wants to be a Millionaire or The Block, you don’t pay tax on your prize money.
Win the Stella Prize for writing by Australian women – pay tax.
Win the Archibald prize for painting – pay tax. How about the Prime Minister’s Literary Awards? Well in that case, “All prizes are tax-free” is in bold on the website.
This shows that whether prizes are taxed is completely arbitrary. It is a decision for Australian governments to make. And should the Australian government choose to axe the taxes on arts prizes, they would be making a sound investment in Australian culture.
The loss of revenue would be unnoticed by a government that just gave away $215 billion dollars’ worth of natural gas for free.
It would barely register given the $10 billion in subsidies the government handed over in the form of the fuel tax credit to mining companies.

