Australia Securities and Investments Commission (ASIC) has released official guidance on ICOs.
The guidance goes so far as to describe when an ICO is considered as to "offer share in company" vs. "Managed Investment Scheme" vs. "an offer for derivative", etc.
There is, however, an important clarification at the outset of this guidance:
"The legal status of an ICO is dependent of the circumstances of the ICO, such as how the ICO is structured and operated, and the rights attached to the coin (or token) offered through the ICO."
ASIC has even started an 'innovation hub' to help companies that are looking into ICO.
Overall, a welcoming move from Australia!