Item P7 Did you sell any goods or services using the Internet?

On the tax return, should this section be marked as a "yes" or "no" if someone does share trading as a business or does any other type of trading including cyptocurrency trading?

 

what goods or services would you be selling?

 

Is there somewhere else you can declare this income?

Wouldn’t share trading profits be declared under capital gains? Same with Bitcoin profits?
Marg

 

The question relates to a BUSINESS selling using the internet. A share trading venture may not be a business either. A share trader merely reports trading income as if was busienss income but its neither business income or eligible for the small business concessions.

Its a very late 1990s question since it doesnt really have a lot of purpose. Many businesses sell using the internet as a supplement to their normal retail selling.

 

"Business items worksheet" is the place the accountant does it for us.

 

Yes.... statistical gathering when the internet was in its infancy.

Nowadays, the cynic in me suggests if someone absent mindedly ticks yes then the ATO starts crawling over eBay, AirBnB, Airtasker etc trying to figure out if you have further income you've decided not to declare...

But they probably do that anyway.

 

The ATO already pull tonnes of data from a variety of internet sources eg Gumtree, ebay, Amazon, Paypal, Uber and so on.....Usually they datamatch the harvested data up to 12 months after the tax year as its pretty much a futile issue to try to datamatch a month into the tax year when lodgements are limited.

The Y / N response wont address much

FYI in the 2019 year the ATO have gone far further with CGT issues. They will be prefilling (towards August+) not just the ASX code as they have sometimes done in the past but even what they "think" the cost of the parcels are !! Thats new. Danger is it may be incorrect and many taxpayers will blindly accept it. And for some investments it will understate the potential tax issue. eg some ETFs and managed funds that pay tax deferred / AMIT amounts which impact the costbase.