Home – New Forums Selling online what will i need come tax time (invoices)

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  • #987914
    Muges
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    Hi all, EOFY is coming up and i need some information.
    This is my second year selling online. My first year i traded on ebay so everything i sold i had proof of the sale. Since starting my own online store i have the invoices for my items sold though the site but i have sold approximately 60% of my stock through other means such as gumtree. These were all face to face sales so there were no invoices or proof of these sales. As im not regestered for GST am i able to just print out a list and totals come tax time or do i need some sort of proof for sales?

    Thanks

    #1164854
    MissSassy
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    I would double check with your accountant as to how they wan this presented to them – does it match bank records etc.

    Then I would suggest you have some accounting software as 2 years in it should be time to be a little more organised.

    Your accountant or a bookkeeper can help with this

    #1164855
    Muges
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    This is basically just a hobby on the side at the moment so any money I receive through face to face sales ie gumtree I just keep in my wallet so there aren’t any bank records of those sales. Can I just do an invoice on my pc and keep them all for tax time? As I’m applying for a home loan after the financial year I will be using this businesses income ontop of my regular jobs income so want to include as many of my sales as I can.

    #1164856
    MissSassy
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    You sure can do the invoices that way, the bank will look at your taxable income (Tax returns) over time anyway so the 2 years may just help a little but it is always tricky with banks.

    #1164857
    FalzonFinancial
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    Muges, post: 190731 wrote:
    Hi all, EOFY is coming up and i need some information.
    This is my second year selling online. My first year i traded on ebay so everything i sold i had proof of the sale. Since starting my own online store i have the invoices for my items sold though the site but i have sold approximately 60% of my stock through other means such as gumtree. These were all face to face sales so there were no invoices or proof of these sales. As im not regestered for GST am i able to just print out a list and totals come tax time or do i need some sort of proof for sales?

    Thanks

    Business owners are required to maintain regular records. I would suggest setting up an accounting system to track all income, allowing you to invoice customers and keep track of all ingoings and outgoings.

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