Not just focused on streaming providers, the exposure draft of the bill covers GST on digital goods and services sold by overseas vendors in Australia. Netflix will be paying up of course, but so will sellers of e-books, music, apps and other downloaded purchases.
The tax will likely see the prices on many digital goods and services raised by 10%, but the exact impact is not yet known.
For some more of the backstory of the tax so far, check out our coverage of the tax from back in May.
Today the treasury released the amended bill, which is available online if you want to take a gander.
We knew the tax was coming, but up until now the proposed legislation didn’t specify a threshold for companies to register for GST.
Now it has been decided – all overseas companies who sell more than $75,000 worth of digital products into Australia need to register for GST. Unless of course they are a non profit, where the limit is $150,000.
That of course covers all the big players, but it remains to be seen how many smaller companies will find it worthwhile.
Interestingly, for companies such Amazon and eBay, the actual electronic marketplace itself will have the liability for GST, rather than the individual vendors.
The Cheapest NBN 50 Plans
It’s the most popular NBN speed in Australia for a reason. Here are the cheapest plans available.