Second Life income taxable in Australia?

Reuter are running a report that the Australian Tax Office has ruled that profits made in-world will attract a tax liability. Quoting a Fairfax newspapers article, there’s also discussion by Reuter’s of the UK investigation into the issue of tax liability.

So we’re assuming this means that if you are making serious money in SL, then registering an ABN may be worth considering. If you are making more than $50 000 Australian, then it’s another ball game again. The Australian Tax Office has all the fun detail on the tax system.