A spokesperson for he Australian Tax Office, in what is probably a world first, has said that if a virtual transaction has real world implications – if it can be attributed a monetary value – it attracts the attention of the Tax Office. In her words:
“The real world value of a transaction may form part of your taxable income, even if it is in Linden dollars,”
Australia seems to be heading in a different direction on this issue as the U.S. is based on Representative Jim Saxton has recently said.
Dale’s Comment: Frankly this makes complete sense to me. I see no reason to make a distinction between real-world revenue generated from virtual activities and any other income.
Sources: TheAge.com | Kotaku | nzherald.co.nz | TaxNews.com