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

[davewil1964]

You can also claim for your internet, car expenses for stock purchase/posting, a proportion of rent/mortgage and electricity if you have a dedicated office, computer depreciation, stationery, relevant phone calls....

Get an accountant. Quickly.

[motherbear2003]

Go straight to an Accountant, do not pass go and do not collect $200; explain the situation you're in and he/she will advise you:-) 

[wishuponastarcelebrationsandgifts]

Go straight to an Accountant, do not pass go and do not collect $200; explain the situation you're in and he/she will advise you:-) 

Great advice motherbear. While you are getting your tax done your accountant can give you some advice on how best to maintain records in future that suit your specific needs and preferences.

As others have suggested get together statements from ebay, paypal and your bank account and get all your receipts together for anything you can claim such as postage.

To save a few dollars total up what you can eg. total paid for postage, ebay fees, Paypal fees, total sales etc. If you get your accountant to do all of this it may prove to be very costly.

[oz_electronics_inc]

I suggest using the file download centre to get the last 13 invoices sales in an excel format.

and from now on automate a monthly download in the file download centre So you don't get caught out again.

you could write to eBay and ask them for the older records as that is what the ato does to get your records.

it's a real drag having to do so, but all businesses need to keep records for 5 years.

[putney32]

You can also claim for your internet, car expenses for stock purchase/posting, a proportion of rent/mortgage and electricity if you have a dedicated office, computer depreciation, stationery, relevant phone calls....

Get an accountant. Quickly.

only problem with claiming part of your 'home' as 'business' i.e. mortgage repayment ~~, when you sell the house, that part of the ''home'' is part of 'business premises' sold, and liable for Capital Gains Tax.

years ago my accountant advised against claiming any part of the family home as a business premises.

[love-your-smile]

Hi Sue.. just wondering did ATO contact you directly about you needing to file? Or you just doing on your own accord?

[phorum_junkie*]

Every year it is the same, people come to the boards in a panic because they have suddenly come to the notice of the ATO who incidentally also pass the info to Centrelink.

For the last couple of years ebay have passed on to the ATO the details of all sellers with a turnover (not profit, and it includes unpaid for items) of $20,000 and over.

I have not heard of any change yet this year but until the figure is announced it could be even lower this year.

Just because the ATO have your details of ebay sales does not mean they will contact you and if you have sold a few high priced items that were personal possessions you have nothing to worry about but should you not declare any earnings from items you have purchased for re sale in your tax returns and the ATO contact you later you will be in more trouble, at the very least you should have all your ducks in a row so you have the information to hand should you need it.

[davewil1964]

only problem with claiming part of your 'home' as 'business' i.e. mortgage repayment ~~, when you sell the house, that part of the ''home'' is part of 'business premises' sold, and liable for Capital Gains Tax.

years ago my accountant advised against claiming any part of the family home as a business premises.

I rent

[phorum_junkie*]

I rent

OH claims I am a squatter but says he can't chuck me out coz nobody else will cook his meals ;-):^O

[putney32]

I rent

OH claims I am a squatter but says he can't chuck me out coz nobody else will cook his meals ;-):^O

oh Im sure that's not true PJ, surely foxette would step up and cook a few meals for poor Fred?

]:)