Quote:
Originally Posted by Mortvent  As is till it is converted into real dollars it's not considered income.
Once it's converted then you pay taxes on it as income. |
In Aus it is income by virtue of its ability to become $AU. Not at conversion. And this is where it all gets weird because it means you have to have records of $L transactions!!
Not only that the Aus Tax Office has no clear distinction on a hobby vs a business especially when it involves virtual worlds.
ATO - Do I have a business?
I am considering getting a tax ruling to clarify things. Because I have a hobby from a real life perspective but it looks like a business in the virtual world.
So how real is virtual?