tax for 2 years

[baby*toddler*child]

I have just been advised that I need to do tax for 2 years and have NO idea what to do.

Can anyone tell me where to start ? and if you can do a print out of all sales that let you know which ones where sold to overseas customers ?

I have bags of receipts, I used paypal and bank deposit also purchased stock from both local and overseas.

please any help would be greatly apprieciated.

sue

[punch*drunk]

You can start by downloading and pprinting all of your ebay invoices as far back as you can get them. Mine go back to Nov 2011.

You can find them by clicking on the acount tab. They are all in a drop down menu on the top right hand side that says "select invoice"

[*sparklz*]

Go through all your invoices for the last 2 years and print them out .(month by month).

Go to paypal and get print outs of sales summary for the last 2 years (month by month).

Subscribe now for sales report plus to help you with records from now on and there you can see your sales, ebay fees, paypal fees etc.

Keep ALL receipts from post office and if you use click and send print and keep all transaction summaries.

Keep receipts for purcjases and anything that proves any expenses you have had related to ebay that can be used to claim with.

Lots of work to do.

[the-kazbar]

I suggest an accountant.

Your turnover will probably be over $75k so you have the whole GST palaver to deal with as well

[bsal6160]

WHat....you mean you haven't been paying your taxes for the last two years...shame on you.

[lyndal1838]

And if you owe GST be prepared for penalties of up to 75%.

[kustomizer99]

Just wondering -- my sales have never been big enough to 'worry' about - -but if you are at the point of running a viable business on eBay and are paying tax, can you claim all eBay and PayPal fees, as well as postage and packing materials?? I have several friends in the ATO but none of them know anything about this.

[bsal6160]

I very much you could claim postage and packaging  as this is something the buyer pays for so you are not out of pocket.

[lyndal1838]

Yes you can claim postage and packaging.

They are both income and claimable expenses.

Kustom, you should be declaring all income from ebay.  After deductions you may not be paying any tax on that income but if the ATO finds out that you have undeclared income you could cop some very severe penalties.

[lyndal1838]

Kustom, are you serious that nearly 9000 feedback as a seller is not enough to "worry" about?

Good luck with convincing the ATO of that when they catch up with you.