Need help with business transactions for tax time | Selling

dont_waste_dollars · 2014-07-27T06:50:26.434000Z

Gday,this year ive started buying a selling on ebay for a profit but recently have realised next financial year im going to have to pay income tax on my profit but i have no idea what programs to use to keep decent records. today i registered my business name and got an ABN but im a little but clueless in the whole record keeping areaalso if i complete a transaction and then three months later get credited 5% cashback from a cashback website, how do i keep a record of that? and if i dont include that in my profit.. will the ATO find out?currently all im doing is doing various calculations SELL PRICE - FEES - BUY PRICE = PROFIT rounded to nearest dollar. Then i add on the cashback figure to get my final profit and just put that figure in a notepad document.Im guessing thats definately not a decent record keeping device but i have no idea what else to use... i mean i could put it in excel and not round it to the nearest dollar... but is that good enough proof? do i need to include transaction receipt numbers etc? ive used many different accounts to pay for the items, paypal, credit card, bank account. ARGH any help would be GREAT THANKYOU very much in advance

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Need help with business transactions for tax time | Selling | eBay Australia