tax time: ebay & paypal fees as business deductions

[anewearth2010]

Hi folks.

Just checked out the ATO site about what can be deducted: http://www.ato.gov.au/businesses/content.aspx?menuid=0&doc=/content/00266008.htm&page=5&H5

I suppose Paypal fees can be deducted as "bank fees charges". Can eBay fees be deducted as "Advertising"?

Thanks in advance.

[the3coopers]

They are business transaction costs that can be offset againt the profits made on turnover that you have declared as income.

You need to speak to an accountant. 🙂

[wishuponastarcelebrationsandgifts]

They are business transaction costs that can be offset againt the profits made on turnover that you have declared as income.

You need to speak to an accountant. 🙂

That is correct. Any fees associated with sales that are not included in your income cannot be claimed.

I agree that it is prudent to speak to an accountant if you are unsure as to what needs to be included in your tax return.