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

[2106greencat]

TGFF

TSFE

What do these mean?

OMG - I will risk it

TSFE - Too Stupid For Ebay

TGFF - Thank God For Foxy

[foxette-in-sox]

OMG - I will risk it

TSFE - Too Stupid For Ebay

TGFF - Thank God For Foxy

(coffee splatter on screen)

[donnashuggy]

It isn't actually true that id's cannot be passed on, many here would know dorroughby who passed away. eBay transferred the account to his son.

[lyndal1838]

That was a rather unique situation Donna and it was acknowledged at the time that it was not general practice to transfer accounts.

My concern in this case is that the OP has gone off in a huff because she did not like the information she was given.   It is quite possible that she and her daughter in law are in more trouble than they realize but they will not know until it is too late.

[donnashuggy]

The thing is though it is pretty easy for anyone to change the name on the account. I originally had an account set up in my husbands name for him to use, when he didn't I changed the name to mine. I doubt it was done with any bad intention.

[2106greencat]

For goodness sake, two years, no tax paid or return submitted for an eBay business.

OP is not going to be in any trouble, a business can run at a loss for 5 years, and ATO will not chase any one to that length for something so insignificant.

OP has most likely taken advice and found out from an independent source that you can furnish a return as late as 36 months and post pay.

Fact is, if the return is done correctly ATO will owe the OP, not the other way around.

[lyndal1838]

Greencat, it is a very successful business that has been running for more than 5 years.  From information that has filtered out (that was not in the OP) it appears that the account may not be in the OPs name so the liability is not hers anyway.

While the ATO does have flexibility with income tax, they have none with GST.  If the OP owes GST there could be even more complications.

I have just been doing the books for a small company that owes $73,000 in GST and with penalties the ATO is owed about $139,000....and that is without income tax.  The ATO is demanding 75% up front and the balance to be paid within 6 months.

[2106greencat]

Ooops really need to read all the info huh?

But -in my humble experience with the company I have run for 15 years -

1. GST - the ATO will most definitely allow a business to enter into a payment agreement when they submit the BAS for GST, payroll tax, import duties and penalties.

2. Most businesses withhold taxes for the fiscal year and pay pro rata when requested. Then rollover against the following FY.

3. ATO (like any financial institution)  are not in the habit of foreclosing for something like this - far better to let the business attempt to trade out and make restitution where possible.

4. Any decent accountant will have that tax bill reduced by at least 60% if they know what they are doing.

[phorum_junkie*]

They could have a major problem if the original owner of the account is running another business as the ebay figures will be included in their tax obligations, the only way round that could be for the original 'owner' could employ the OP to run the ebay account and pay them whatever the profit is going to be and the OP includes that as wages on their tax return, no idea if that would work.

[thecatspjs]

Member names can be transferred into another family member name or business employee name.  You go to account name and put in the name change.