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  Miscellaneous 2008

Taxation of virtual property

Source: The Tax Specialist Journal Article

Published Date: 1 Jun 2008

 
How and when is it appropriate to tax transactions involving “virtual property”? This question casts light on how far the Australian legal system has to go in comprehending and codifying the status of “virtual property”. Should “virtual property” fall within the scope of the intellectual property regime? Or is it common law chattel property to which an individual can have a right or interest to the exclusion of all other individuals? Given the uncertainty as to the precise legal standing of “virtual property” it is timely to consider how the Australian income tax regime could apply to these transactions, and to consider how this could inform our debate about the legal standing of “virtual property”.
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