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@shepherdsrule wrote:

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@crowsman53 wrote:

But You Must Have Receipts eBay Do Not Supply An ABN.

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No company supplies an ABN or ACN - you need to apply for one.

 

dylan - the 75K is net profit - which is the amount you have earned after all costs are calculated and deducted.

 

If you do not have an ABN  you only need to declare the income (as income) in your individual taxation declaration.

 

If you decide to register as a business (get an ABN/ACN) you can do so and you have the choice to register for gst at that time.

If you are not registered for gst, you can not charge gst, and and the business income will be calculated as sole trader income

at tax time.

 

If you think you are going to exceed the limit it would be best to get the advice of a business consultant and/or accountant.

 

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Please don't talk about things you don't understand.

Turnover is turnover. The gross takings. Nothing to do with expenses or profit.

ALL entities that have an ABN or ACN are required to quote those when appropriate. Selling in this instance.

Gottabecareful, indeed.