Hello,
Months ago I won 1 Bitcoin prize (US$40,000 at the time) in an online creative content compeition however I have not touched it since and 1 Bitcoin is currently $21,000. Is it correct that the winnings is counted as Assessable Income at the time of receiving it (40k) or until the time I dispose of the asset?
Thanks in advance.
Sounds like income - not like a lottery.
Income = AUD conversion of 1 B = cost base of holding.
Sale of B = CGT disposal => capital loss if sold now.
This shows the risk attached to holding crypto.
Some more information. It was a one-off online editing content type competition hosted by a US company. I've also signed a W-8BEN form before receiving the Bitcoin prize.
Sounds like income - not like a lottery.
Income = AUD conversion of 1 B = cost base of holding.
Sale of B = CGT disposal => capital loss if sold now.
This shows the risk attached to holding crypto.
15 Apr 2026 · 8 min read time
4 Dec 2023 · 9 min read time
368 views
2 replies