ATO Request for Data

[clarry100]

This is the first time we have received one of these since we have been trading on eBay.

Anyone else?

[clarry100]

Each time I go to my local PO and come home with a receipt I lodge that in the s/sheet against the date.

It just runs a tally automatically for me.

And rolls all my income/expenses up to a summary sheet.

Yeah like you its not a real overhead to keep the records as long as you update each day while its fresh in your mind.

If you let it go until year end you are gonna be in all kinds of trouble getting it done.

[joethenuts]

once you buy products to sell thats income irelevent if you make a profit or not , a lot of businesses in the early years can run at a loss but still have to declare income , and must declare income even if you run at a lost,

[icollected]

Also remember them sending something similar in previous years, nothing new.

The only thing that bothers me is that eBay sales figures are slightly off the amount we receive:

1. We don't always open unpaid item disputes (and every month or so I check the "unpaid item assistant" -and yet again dozens of items failed to be opened). Our fault and we just include the extra FVF into our running costs.

2. Partial refund of multiple purchases; STILL I can't get eBay to give a partial refund for refunding product no. 3 from an order of 6. Not worth the time.

These all add up and we're always a few 2-4% off. 

All is good though as our accountant makes us give him documentation and reports it to the cent.

Hoping this catches out some competitors.

Happy selling!

[gec2002]

I wouldn't worry too much if it doesn't match up to the last cent.  A lot of the data mining is looking at trends, and as they see millions of returns they have a pretty good idea what your business should show.  Eg they not only look at your sales but also your expenditure so if you sell widgets on eBay they know most sellers will spend say $15 on fees for every $100 of sales (Approximately) so if your tax shows sales of a $100 and eBay/Paypal fees of $80 expect to get a please explain, similiarly excessive postage costs.  Minor differences between eBay and what you report won't be an issue.

[saarzi]

Why on earth do people wait almost a year to do their taxes?  Just curious

I always get mine done within the first week or two of July... Im usually really damn eager to get the return lol

[lyndal1838]

It depends on a lot of things.....if you only have a one job and bank interest you can get it done very quickly and easily.

If you have a lot of investments or a business and rely on an accountant then you wait your turn....accountants can only do so many returns in the first few months.

One of our companies has just recently submitted last year's tax return.

[joethenuts]

simple answere  most people in business wait until as late as possible like me 2 weeks ago  as we have to pay , we dont get refunds.

[thecatspjs]

Agree with the sentiments Joe.

But I would not think all businesses have to pay - some have overpaid and get a refund

[chameleon54]

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@gtx305 wrote:

Why on earth do people wait almost a year to do their taxes?  Just curious

I always get mine done within the first week or two of July... Im usually really damn eager to get the return lol

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As Lyndal has said. The accountant I use is in demand and kept very busy all year. I just do my tax when she asks me to. Our affairs are not straightforward. 

[demerl54]

Hi me too with the message but looking in to my account it includes itemsbought as well as sold on the same account no way did I "earn" $10,000 that financial year! Thought you could earn that much anyway without tax & what about expenses? fees  postage?