It’s finally here, the Australian Taxation Office (ATO) have released a fact sheet titled “Online selling – hobby or business?”
The ATO, of course, are looking for taxpayers who may not be meeting their tax obligations in relation to their online selling activities and so the fact sheet aims to address some of the factors to be considered in making a determination about this.
These key factors include:
- whether the taxpayer has paid for an online presence
- whether the taxpayer’s main intention is to make a profit from online selling
- whether the taxpayer’s selling activities are repetitive
- whether the taxpayer manages their online selling activities as a business
It’s been suggested that the ATO may consider a taxpayer with an online sales value of $10,000 or more to be in business, unless the taxpayer can prove otherwise – so it pays to be sure!
To review these factors in more details and specifically address your personal circumstances, contact The Tax Chic for a 90 minute consultation – RRP $275, current investment just $220 (expires 31st August, 2016)
Regards
