Bookkeeping for your online sales business


Many online sellers of goods in Australia are not entirely clear on their tax obligations for their hobby come business. Luckily, with a few simple principles, you can keep an eye on your obligations and ensure that you can keep your business running successfully.  Do you owe income tax? The Australian Tax Office (ATO) assesses an income generating hobby as one that has regular and repeatable business. So you can easily sell of some of the excess items in your shed and make a one-time windfall, but if you make a regular income from an online shop then you could be assessed on that income.

22 January 2016