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Gold Prospecting
Gold localities & information
Selling gold - how, why, where
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<blockquote data-quote="Guest" data-source="post: 29796"><p>The figure of $70,000 is probably a mix up with the requirement to register for GST if your likely to earn $75,000 or more. </p><p></p><p><a href="http://www.ato.gov.au/Individuals/Ind/Am-I-in-business-/" target="_blank">http://www.ato.gov.au/Individuals/Ind/Am-I-in-business-/</a></p><p>Most of us would only dream of turning a profit but for the minority that might be then selling more than $20,000 worth online may start to attract attention. I reckon you would do ok out of your deductions still though keep those receipts just in case :lol: </p><p></p><p>From ATO website </p><p></p><p>"Online Data Matching</p><p></p><p>Data from online auction sites enables us to assess the level of tax compliance of individuals and businesses that sell goods or services online.The data identifies members of online-selling sites who are involved in selling goods and services of a total value of $20,000 and greater."</p><p><a href="http://www.ato.gov.au/Business/Starting-and-running-your-small-business/In-detail/Getting-started/Online-selling---hobby-or-business-/?default=&page=4#Hobby_or_business-_why_does_it_matter" target="_blank">http://www.ato.gov.au/Business/Starting-and-running-your-small-business/In-detail/Getting-started/Online-selling---hobby-or-business-/?default=&page=4#Hobby_or_business-_why_does_it_matter</a>?</p></blockquote><p></p>
[QUOTE="Guest, post: 29796"] The figure of $70,000 is probably a mix up with the requirement to register for GST if your likely to earn $75,000 or more. [url]http://www.ato.gov.au/Individuals/Ind/Am-I-in-business-/[/url] Most of us would only dream of turning a profit but for the minority that might be then selling more than $20,000 worth online may start to attract attention. I reckon you would do ok out of your deductions still though keep those receipts just in case :lol: From ATO website "Online Data Matching Data from online auction sites enables us to assess the level of tax compliance of individuals and businesses that sell goods or services online.The data identifies members of online-selling sites who are involved in selling goods and services of a total value of $20,000 and greater." [url]http://www.ato.gov.au/Business/Starting-and-running-your-small-business/In-detail/Getting-started/Online-selling---hobby-or-business-/?default=&page=4#Hobby_or_business-_why_does_it_matter[/url]? [/QUOTE]
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Gold Prospecting
Gold localities & information
Selling gold - how, why, where
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