Tax Returns - Help needed!


t0psales
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24 Jun 11 10:35:23 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??

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ausbargainbasement
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24 Jun 11 01:39:55 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.


t0psales
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25 Jun 11 12:25:08 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


t0psales
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25 Jun 11 12:51:33 pm
I worked out from one wholesaler $26,000 for 12 months, last 120 days on ebay $10.000


fm1234
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25 Jun 11 06:41:43 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


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fudjj
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26 Jun 11 09:03:19 pm
I'm with Frank, get tax advice from those best qualified to give it, can save you a lot of drama and expense!


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richelle_salehoo1
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30 Jun 11 03:47:36 am
Hi AGS,

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

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Good luck!


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simo2601
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18 Jul 11 11:47:24 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???


t0psales
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19 Jul 11 11:48:25 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???


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