BULAW3731 Income Tax Law & Practice

Required:
1. Explain, in your own words, what is meant by the terms ‘the black economy’; and ‘the sharing economy’
2. Identify a business operating in Australia under a ‘sharing economy’ business model – and one operating under a more traditional business model. Both businesses must operate in the same industry (e.g. accommodation services, transport) and must operate in Australia (although they may also operate in other countries).
a. Research and describe the two businesses you have chosen; describing their  business structures and how they operate
b. Identify key differences between the two businesses that may affect taxation outcomes and explain the tax consequences of these differences under existing Australian tax law.