u/PutridBuddy7055

Bit of a weird situation - I recently won an online giveaway where I have received a small but OK amount into my USDC wallet that I have on Coinspot. I understand that to get this money into my regular bank account, that I will need to 'sell' the contents and then withdraw the money. I am wondering if this will be counted as a capital again, and will need to pay tax on it? Or since it's a 'prize', will I only need to pay CGT on any gains it makes before I can make the sale?

Thanks!

I recently bought a nice 2 bed townhouse in Logan QLD for ~$640k (with a 20% deposit) at the end of last year, after the 5% deposit scheme pushed up prices on the lower end and before any changes to NG and CGT were speculated.

At the time I was finally saving a lot of my income living with a sibling. I would have happily continued this arrangement, but at the time property prices were rising faster than I could save so I leveraged myself quite heavily to get my foot in the door, assuming that growth would continue as it was due to such demand driven policies and tax settings (which the gov said they wouldn't alter).

Following these changes it is now reasonable to assume that prices, especially in this lower end of the market, will drop or stagnate quite heavily. Whilst I agree that prices were overinflated and becoming out of reach, I can't help but selfishly wish I had just not bought and continued to save, and that I would have been in a much better position for it. I am now highly leveraged and counting every penny only to expect my property to lose value. It feels like a bit of an awkward position to be in, is anyone else feeling this way?