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Originally Posted by Psyke Phaeton  In Aus it is income by virtue of its ability to become . Not at conversion. And this is where it all gets weird because it means you have to have records of 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? |
Ask them how to figure it with a variable transfer rate.
Since the transfer rate is variable much like stock prices, how do they plan to convert it to taxible.
And will they take payment in lindens.