I just got notification from eBay that the ATO has requested that all people that have sold over $10,000 on eBay during the last financial year, Including Postage! will be sent to the tax office.
I know this has been done for a couple years now.
But when it comes to selling bullion, or even personal affects, I don't think it's fair.
what if your a flipper not for profit, you buy bullion, change your mind and sell it to buy different bullion with the funds?
same as selling an old couch, I may of gotten $50 for it but I spent $500 for a new one.
I went through my eBay invoices and it looks like I did $10,049 can you believe that?
49 measly dollars over and only there would of been $500+ in postage costs in that.
So how do I differentiate what I sold as business and what I sold as personal?
I'm late with my tax this year so i'm onto it now but I fear i'll be paying a lot of tax for nothing,
i'm just a low income earner as it is, they are making out i'm a full on ebay business just because I flipped some bullion over it seems.
So how do I do it? Do I put in the full amount as an earning or is there something I say that shows a large portion is private stuff?
This is what I just got..
ATO data request and your eBay Account
The Australian Tax Office (ATO) has issued eBay with a formal request for information relating to sales by Australian eBay members who sold over $10,000 worth of goods and services on ebay.com.au during the period from 1 July 2014 to 30 June 2015.
The ATO has requested the following information in relation to affected sellers:
Account name
Account identification
First name
Last name
Business name
Address
Telephone numbers
Date of Birth
Email address
Registration Date
Number of annual sales transactions
Value of annual sales transactions
Internet Protocol (IP) address
Seller status tier type
Store indicator
eBay is legally required to comply with this request for information. We confirm that the disclosure will be made to the ATO by 30 October 2015 in accordance with required timeframes.
I know this has been done for a couple years now.
But when it comes to selling bullion, or even personal affects, I don't think it's fair.
what if your a flipper not for profit, you buy bullion, change your mind and sell it to buy different bullion with the funds?
same as selling an old couch, I may of gotten $50 for it but I spent $500 for a new one.
I went through my eBay invoices and it looks like I did $10,049 can you believe that?
49 measly dollars over and only there would of been $500+ in postage costs in that.
So how do I differentiate what I sold as business and what I sold as personal?
I'm late with my tax this year so i'm onto it now but I fear i'll be paying a lot of tax for nothing,
i'm just a low income earner as it is, they are making out i'm a full on ebay business just because I flipped some bullion over it seems.
So how do I do it? Do I put in the full amount as an earning or is there something I say that shows a large portion is private stuff?
This is what I just got..
ATO data request and your eBay Account
The Australian Tax Office (ATO) has issued eBay with a formal request for information relating to sales by Australian eBay members who sold over $10,000 worth of goods and services on ebay.com.au during the period from 1 July 2014 to 30 June 2015.
The ATO has requested the following information in relation to affected sellers:
Account name
Account identification
First name
Last name
Business name
Address
Telephone numbers
Date of Birth
Email address
Registration Date
Number of annual sales transactions
Value of annual sales transactions
Internet Protocol (IP) address
Seller status tier type
Store indicator
eBay is legally required to comply with this request for information. We confirm that the disclosure will be made to the ATO by 30 October 2015 in accordance with required timeframes.
