This edition of the KWM Taxation of Crypto Assets Guide, “Taxing Tokens” focuses on “Non-Fungible Tokens” (NFTs) as one type of emerging crypto asset and its tax treatment under Australia’s regime.
What is an NFT?
An NFT can create unique digital assets or can be digitally linked (via a QR or other ID code) to a tangible asset. NFTs are created (minted) using a smart contract protocol on a blockchain and stored in a blockchain based wallet with a unique address. NFTs are not interchangeable and rather are completely uniquely identified and valued (even where part of a collection), where the holder has control of the relevant asset.
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Modern Slavery: proposed criminal offence for failure to prevent and civil penalties for non-compliant reporting
In a significant development for Australia’s modern slavery framework, the Australian Government announced plans on 16 July 2026 to introduce a new criminal offence for the failure to prevent modern slavery and reiterated its intention to introduce civil penalties and associated enforcement powers to address non-compliance with the Modern Slavery Act 2018 (Cth) (Act).
17 July 2026
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SOCI Act update: Proposal to significantly extend and enhance the enforcement of the SOCI Act
The Department of Home Affairs (Department) has released the Streamlining and Modernising the Security of Critical Infrastructure Act 2018 Consultation Paper (Consultation Paper) here, proposing a second tranche of reforms to the Security of Critical Infrastructure Act 2018 (Cth) (SOCI Act).
15 July 2026
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NSW Approved Safety Codes of Practice are now mandatory
From 1 July 2026, in New South Wales it is now mandatory for persons conducting a business or undertaking to comply with Approved Safety Codes of Practice.
14 July 2026
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Rail Round-up July 2026
In this edition of the Rail Round-up, we summarise the latest developments across the rail industry, with a particular focus on the recent budget announcements and significant shifts in national rail policy.
10 July 2026
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