As the online retail sector continues to outpace traditional bricks and mortar stores, the Australian Tax Office has announced it will look carefully at eBay retailers this tax season.
When eBay was launched in 1999 it was simply an auction site where people could sell household goods they no longer needed. This has changed dramatically over the past 12 years, with many people now using eBay income as their sole source of income – and the ATO is aware of this.
To ensure eBay users and businesses are not declaring their eBay income and not dodging tax laws, the ATO has asked eBay to provide the personal records of any seller with a turnover of more than $20,000 in 2010-11. This will help the Tax Office spot eBay sellers who are not disclosing their eBay income on their tax return.
With the Tax Office’s ‘data matching’ now extending into the online realm, as well as to bank details, dividend payments and other government records, it is more important than ever to ensure you disclose the correct financial details on your income tax return.
If you are unsure how to complete your Etax.com.au online tax return, don’t worry! Before we lodge your return to the ATO, it will be checked by two (2) qualified accountants who will ask for any clarification if required to ensure you get the biggest refund you are entitled to!
Visit our start page to begin your 2011 online tax return today.