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Tax Returns - Help needed!

  • avatar

    by: T0pSales
    SaleHoo Master Member
    325 posts

    Tax Returns - Help needed!

    Posted 24 Jun 11 10:35 am.

    ebay have sent me a email stating that they are going to pass my details onto the ATO, is there a way I can calculate how much I have sold through ebay in the last 12 months, also how do I work out any GST and would that depend on what profit I have made??

    Thinking of a song by Lindsey Buckingham

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  • avatar

    by: pcostie
    SaleHoo Junior Member
    23 posts

    Re: Tax Returns - Help needed!

    Posted 24 Jun 11 1:39 pm.

    Yes got the same email any one who has sold over $20,000 will be reported to the ATO will they take into account our Ebay and Paypal Fees and our refunds to what profit we actualy made. No where as much as our total sales figures otherwise we would be laughing all the way to the bank.
  • avatar

    by: T0pSales
    SaleHoo Master Member
    325 posts

    Re: Tax Returns - Help needed!

    Posted 25 Jun 11 12:25 pm.

    and would I only have to pay the GST part of my profit or do I have to pay GST on the whole total?

    I have bought some stuff for myself and also some staff outside of ebay so I spose that would add to the costs, I have asked my wholesaler about how much I have ordered in the last 12 months, I need to also know how much I have sold on ebay
  • avatar

    by: T0pSales
    SaleHoo Master Member
    325 posts

    Re: Tax Returns - Help needed!

    Posted 25 Jun 11 12:51 pm.

    I worked out from one wholesaler $26,000 for 12 months, last 120 days on ebay $10.000
  • avatar

    by: fm1234
    SaleHoo Master Member
    596 posts

    Re: Tax Returns - Help needed!

    Posted 25 Jun 11 6:41 pm.

    Guys, you need to talk to an accountant about this. Tax advice beyond the most very basic questions is the last thing for which you should ever look on the Internet.

    Frank

    "Failure is not when you fall down. Failure is when you don't get back up."

    --J.J. Luna

  • avatar

    by: fudjj
    SaleHoo Staff
    2971 posts

    Re: Tax Returns - Help needed!

    Posted 26 Jun 11 9:03 pm.

    I'm with Frank, get tax advice from those best qualified to give it, can save you a lot of drama and expense!

    Marc Ransom

    Community Manager
    SaleHoo.com

    About the Community Manager

  • avatar

    by: richellemonfort
    SaleHoo Staff
    3746 posts

    Re: Tax Returns - Help needed!

    Posted 30 Jun 11 3:47 am.

    Hi AGS,

    Take Frank and Marc's advise, best be sure about our taxes, the consequences aren't all that good.

    For a list of registered tax agents who can help you please visit link hidden

    Good luck!

    Richelle

    Customer Support
    SaleHoo Group Limited
    Sell more with your own professionally designed and search optimized e-commerce website. Check out SaleHoo Stores now!

  • avatar

    by: simo2601
    SaleHoo Junior Member
    19 posts

    Re: Tax Returns - Help needed!

    Posted 18 Jul 11 11:47 am.

    No, of course you dont need to pay tax on the full amount sold, just on your profit minus expenses. Surely if you sold over $20000 on ebay you were keeping records???
  • avatar

    by: T0pSales
    SaleHoo Master Member
    325 posts

    Re: Tax Returns - Help needed!

    Posted 19 Jul 11 11:48 am.

    No, of course you dont need to pay tax on the full amount sold, just on your profit minus expenses. Surely if you sold over $20000 on ebay you were keeping records???
    Dum dee Dum Dee Doo..

    Me hiding head..