Trading on eBay? Learn if You Have Paid Your Appropriate Tax Dues
Last year, McKinley Plowman reported that the ATO will be watching over business transactions held in eBay. It will now be making good on its promise.
Are you selling or planning on conducting business on eBay? If yes, then it is important to know the rules mandated in order to avoid penalties and complications.
The ATO will be requesting the data of the taxpayers who have sold goods and services on eBay amounting to $10,000 and above.
It is estimated that around 25,000 taxpayers have conducted business on the selling site and all of these sellers will be thoroughly investigated on whether they have paid their appropriate tax dues or not.
The ATO will be using the information provided by eBay in matching the contact information of sellers to the taxpayers in its database.
If you are unsure whether or not you are paying the right amount of tax, please contact us.
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