Selling at a loss...

[prelovedpretties3]

Hi All - Just wondering... Do I need to declare all my sales on my tax return? Even if I'm selling at a loss?

I sell mainly second hand clothes. I couldn't find anything on the ATO website. Thanks

[wehavethatau]

Yes you do.

You need to prove you are selling at a loss otherwise the ATO just sees it as extra income in your bank account where you haven't paid tax.

[davewil1964]

If you are selling personal items then you are not liable for tax. And do not have to declare sales. It's like a garage sale, you don't declare that for tax.

It doesn't hurt to keep records, though.