Understanding Non-Fungible Tokens and the Income Tax Consequences
Keywords:
Cryptoassets, Non-Fungible Tokens, Capital Gains Tax, Collectables, Personal Use, Trading Stock, Depreciation, RoyaltiesAbstract
The explosion of non-fungible token activity in 2021 highlighted a growing prevalence of a form of cryptoasset with functionality distinct from cryptocurrencies such as Bitcoin. Rather than being limited to a means of payment or investment, non-fungible tokens (NFTs) offer a broad variety of use cases which, in turn, requires further understanding of the principles of Australian taxation law. This paper examines a multitude of income tax issues that can arise in respect of NFTs, both on capital and revenue account. It examines the characterisation of NFTs pursuant to the capital gains tax regime for both business and non-business taxpayers, with particular focus on the applicability of the regime’s “collectables” and “personal use assets” categories. The paper then raises a number of issues specific to business taxpayers and the issues therein.
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