The rise of the ‘‘sharing’’ economy in Australia, where individuals can more readily put private assets such as their homes and cars to a profit-making purpose, has been identified by the Australian Taxation Office as not yielding the correct amounts of tax.
At the same time, the increasing volume of electronic downloads by consumers in Australia, which are currently not taxed where the supplier is overseas, will soon be subject to goods and services tax.
The digital economy will soon be subject to the ‘‘Netflix Tax’’. This article looks at the relevant provisions.
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