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@am*3 wrote:

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

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No, it isn't.. that is very misleading.

As I posted above:

Your annual turnover includes all ordinary income you earned in the ordinary course of business for the income year. Turnover means your gross income, not your net profit.

 

ATO

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am*3.......... is definately right about this. It is very important that sellers keep track of TOTAL SALES incl. postage cost and notify the ATO when they sell $75,000 in ANY 12 MONTH PERIOD ( not financial year ), as there is not really a lot of leigh way with this one. If your annual return shows you where above the limit the computer systems will automatically flag your account and you will have to register for GST purposes, pay back dated GST, ( and maybe extra penalties ) and your accounts will come to the ATO's attention for possible audit. I would imagine this would be a very stressfull experience.