Another ebay issue re selling and the ATO.

[Tim754]

The emails are suss, the Australian Taxation Office $20000+  ebay and "Trading Post" type sales audits are REAL. If your have been just " cleaning out the shed one year and can prove same, you will find a ruling of no taxation in your favour. If you have been trading and selling Bikes or items for a profit* , yes even "family and friends items"  or have an ABN good luck. 

*profit.... Hmmm you got to prove it was good luck that you purchased the items some time ago and now they sold for a profit. If your have been actively buying and selling bikes, road registrable or NOT or parts and pieces then a short time, like less than ..five years...!!! later .You may find yourself in deep do do. 
 AHH but I have been paying tax as I have been working you might squeal .... stiff shit .......   compliments of Australia's capital gains tax regimes.... Understand , so see your Tax Professional (if you have one) if queried by the ATO. 

[Turtle.Inc]

AHH but I have been paying tax as I have been working you  might squeal .... stiff shit .......   compliments of Australias capital gains tax regimes.... Understand see your Tax Professional (if you have one) if queried by the ATO. 

Capital gains tax introduced 19th Septemebr 1985, Ive owned all my VMXers pre this date, havent you

[VMX247]

AHH but I have been paying tax as I have been working you  might squeal .... stiff shit .......   compliments of Australias capital gains tax regimes.... Understand see your Tax Professional (if you have one) if queried by the ATO. 

Capital gains tax introduced 19th Septemebr 1985, Ive owned all my VMXers pre this date, havent you

Hallelujah Brother- long live anything pre85 

[Tim754]

OF COURSE!!!! well actually the few I have now um yes ; Cheers Tim754

[090]

It is a legit email that is in my ebay in box. It is simply stating that all of my information will be forwarded onto the ATO.
It also says not to respond to this email as it won't be read. A phishing email just goes to your address and won't show up in my ebay.
Plus they will ask you for info or they will put in links if its fake.

[090]

I was told to have a look in the community section and click on 'hot topics'.
It IS a hot topic atm.

[DR]

It IS a hot topic atm

unless you're a budget racer who's learnt to fall through the gaps pain in the arse if you're not

[shoey]

Don' sell your big ticket items on ebay 

[EBT]

Same for website-forums shoey, sometime back I had a new member sign up on my forum and they had the Australian Tax Office as there email so I guess they are watching on the forums to.

I was just listening to the ABC Radio and they where talking Tax, someone rang in and asked about selling on ebay, the person said they are going to be selling a few old things and the accountants on the radio said if it go's over $10,000 in one sale or even a lot sale of items they will be looking at you and more so if you sell a lot of antique items,,,vintage bikes-cars I would think fit into that,,,,it will be interesting to see how this all turns out over time.

[crash n bern]

I read somewhere once that there is no capital gains tax on motorcycles.  however buying and selling for profit is a different matter.  Looks like swap meets might liven up a bit now.

[shoey]

Capital gains tax introduced 19th Septemebr 1985, Ive owned all my VMXers pre this date, havent you and i only have one current modern and its not forsale 

Talk to the Turtle or another good accountant "like him"

[vmx42]

It IS a hot topic atm.

I don't dispute that it is a hot topic, but like most 'hot topics' it is short on facts and big on paranoia.

It doesn't take blind freddy to see that the intention of the new ATO focus on eBay style trading is to catch out the individuals that are effectively running a business without paying the proper tax and gst. It is not illegal to sell a motorcycle or parts on eBay, and as an individual [and not a business] there are no tax implications. But it would be up to the individual to prove that their sales are just part of a hobby and not a money making operation.

The ATO method of looking at your total dollar spend on eBay is just a way of narrowing the search while trying to close another loophole in the Black Economy. Does this mean that the ATO won't ask you questions? Only time will tell, but we can all see individuals and companies on eBay that are obviously running a business, and I would be pretty sure that these are the people the tax office is really after.

Putting the fear of God into VMXers enjoying their hobby is just an added bonus of their actions.

If you have bought and sold bits and pieces for your projects, then I would think that you have no problem. If you bought a 'job lot of parts' with the sole intention of selling them on via eBay for a profit, then that is another matter - and I would contact your accountant…

[Lozza]

Putting the fear of God into VMXers enjoying their hobby is just an added bonus of their actions.

 

[Mick22]

I just got the details of what Ebay had provided to the ATO on me. All they are providing is the dollar total and number of items, not an itemised account of individual items.

I can't see how they can come to any conclusions from that info??

My guess is they will just be sending out their standard "Are you doing the right thing" letter rather than active auditing

[Turtle.Inc]

Capital gains on VMX bikes would not exist unless it was a CCM or metisse or something a bit rare and exotic, hence the $10000 rule so if you sell a boat of something of the like, watch out

The ATO defines a personal use asset as follows

Personal use assets
A personal use asset is:

a CGT asset, other than a collectable, that is used or kept mainly for the personal use or enjoyment of you or your associate(s)
 
an option, or a right, to acquire a personal use asset
 
a debt resulting from a CGT event involving a CGT asset kept mainly for your personal use and enjoyment, or
 
a debt resulting from you doing something other than gaining or producing your assessable income or carrying on a business (for example, the debt arising from a private loan that you made to a family member or friend).

Personal use assets may include such items as boats, furniture, electrical goods and household items. Land and buildings are not personal use assets. Any capital loss you make from a personal use asset is disregarded.

If a CGT event happened to a personal use asset, you disregard any capital gain you make from the asset if you acquired the asset for $10,000 or less.

If you dispose of personal use assets individually that would usually be sold as a set, you get the exemption only if you acquired the set for $10,000 or less.

Clear as mud