Declaring eBay stealth income with ATO

[ceb]

Hey everyone, long time lurker first time poster- great to finally be a member!

I have a very noob question. So I've had a stealth account going strong for a year or so now. I'm withdrawing my PayPal funds to a savings account (one of multiples with the same bank.)

I've never declared the income when filing my taxes and it's been playing on my mind lately, knowing that I'm potentially putting myself at risk and being dodgy. And obviously, I really don't want to get caught out. Im just an individual seller with no business I can put the income through.

So I'm wondering, how do I go about declaring the income even though the account is stealth? Do the ATO look at the names of the eBay and PP accounts? Obviously the eBay and PP accounts are under an alias, but the bank account the money comes into is under my name. Income is anywhere between $400- $1000 per month.

Any advice is greatly appreciated. Cheers!

[SaiJin]

Finally! You came out of the ...

anyways, =)

You need a CPA for this, they can easily do the taxes for you based on your business name too.

[Toolman89]

with the amounts you've described, i wouldn't really worry. you can resell your stuff on ebay without paying income tax. once it gets over a certain amount they may look into it. it used to be over 20k but it may be 10k now where ATO automatically collects reports from Paypal (doesn't mean they do anything with it). they can already see that money anyways though through your bank account so that doesn't change anything. if you want to declare it as income, then just declare it.

[ceb]

Cheers for your insight!
I purchase items to resell- that's my business.
Is the 20/10k limit per year?

[Toolman89]

yeah per year

[SaiJin]

CEB, if you can, give the eBay Stealth a try.

I think you'll find it very useful

[jz5147]

I am in the same situation where both ebay and pp are stealth but not sure how to go about declaring the income.

[BobMustafa]

Originally Posted by jz5147

I am in the same situation where both ebay and pp are stealth but not sure how to go about declaring the income.

Just declare the income on your tax return? I doubt the ATO will care what names accounts are under as long the dollar amounts match up to the amounts getting deposited in your bank account.