I don't know if this is in the right section or not, if not, please do move it, mods!
Last financial year my DH started an online business that we run from home and we're not sure what we need to do about it tax-wise. Apparently, according to him, we don't need to charge or pay GST until we've made $75k. Well, we may have made about $5k and spent about $10k on stock but he didn't save a single invoice! I'll be managing that side of things since I'm home with bub now, but what about last year?? I'm not sure if we need to do anything about the business for tax time or not since we've lost money - but can't prove it.
Can anybody point me in the right direction? We'll be going to somewhere like H&R Block to have them do our taxes, but don't know what paperwork to take with us - if any.
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17-07-2013 16:45 #1
Tax for Home Run Business
17-07-2013 17:02 #2
Does have an abn?
If he did then you could do it your self on ato website. You have to business and professional items schedule , profit and loss form and regular tax form
But that doesnt solve the problem of missing receipts!!
He could do it any way and put expenses as $10,000 and hope that won't get audited- it is unlikely - but still a chance
Sorry I am still at work maybe someone else can take over
Last edited by Kazza78; 17-07-2013 at 17:08.
17-07-2013 17:04 #3
Maybe start fresh this year and do quarterly bas statements with payg tax
And document everything
17-07-2013 17:09 #4Senior Member
- Join Date
- Mar 2008
So he didn't keep the receipts for the stock?
How did he purchase the stock? Can he contact suppliers and ask for a tax invoice. Or alternatively go through your bank statements and pull out the amounts and record them.
17-07-2013 17:10 #5
Is there anyway to track the purchases ie credit card statements, emailed receipts from online purchases, bank statements, paypal history anything that can prove you made the purchases?
17-07-2013 17:11 #6
Oh snap NancyBlackett
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17-07-2013 17:18 #7
He needs an abn probably just a sole trader. And yep you don't have to register for get if revenue less then $75k but it means you have to write on your invoice no gst/not reportable for the tax code
We just work off our bank statements and tally up income and all the different expenses.
17-07-2013 19:03 #8
We have an ABN and paid for everything via PayPal or bank transfers so could show it, and could request invoices as well. Is it worth doing the return ourselves or getting help?
Thanks again for your replies!
sent from my magical device
17-07-2013 19:12 #9
i always get our accountant to do it, I have a spreadsheet that I have made that I put all the bank transaction in and it telly everything up - if you want me to email it you im happy to - just pm me.
i give the file to my accountant and he works it out for me
17-07-2013 19:13 #10Senior Member
- Join Date
- Mar 2008
And advice for next year. As the business grows it is vital to make sure you have a good handle on things. As you'll be doing it while on mat leave you'll have time to research things, but it never hurts to get some professional advice as well.
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