‘eBay entrepreneurs’ in ATO sights
The Tax Office has successfully obtained records from eBay and The Trading Post that will enable them to data match income declared by taxpayers to their income generated online.
Targeting those with earnings of $20,000 or more in any of the last three financial years, the ATO crackdown is looking for online operators who are effectively running a business but not declaring the income. The Tax Office also expects to catch existing businesses that are generating additional income through the trading sites but not declaring or understating the income.
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Need for End of Year Reporting
Q. We have recently completed our end of financial year management accounts. We expect there will be additional adjustments still to flow through before we finalise them. We are fairly busy at the moment with current year work and would prefer to leave the wrap up of our financial statements until later this year. Our accountant is pushing us to finalise some of these end of year adjustments. Why all the rush?
A. This is probably a good question to ask your accountants. They would have a better idea of your reporting requirements. Your tax returns certainly will not be due until later in the year or next year. The exact date depends on your entity structure, your size and your past tax history. There are however other reasons why you may need to complete your financial statements at an earlier time.
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