The online tax free “grey economy”, as coined by Radio 2GB’s Ross Greenwood, is becoming an increased focus area for the Australin Taxation Office (ATO). Ross reciently chatted to our Senior Tax Writer, Terry Hayes, on his Sunday Business program about the ATO’s crackdown on online selling.
In this podcast, Terry and Ross discuss the ATO’s use of data-matching of online sellers. If you’re doing it professionally, the tax office wants to know.
There are certian tax obligations that need to be met by individuals selling items to the value of $10,000.00 or more. The ATO have invested in huge data warehouses to begin the data-matching process to assist in uncovering those individuals not meeting their tax obligations as regular, professional goods and services sellers opperating online. They also take a detailed look the ATO’s focus on eBay sellers and their current investigation into eBay seller activity.
Interview conducted by Ross Greenwood – Radio 2GB Sunday Business 20 April 2014