eBay traders to be targeted by ATO
The Australian Taxation Office have been given approval tolaunch a special crackdown on eBay sellers (and other online traders)as it attempts to find online tax cheats.
The crackdown is set to target people who are under-reporting income or those who keep their online sales activity "off the books" and do not report income from these sources.
This is the first time online sales have been a target.
The special crackdown, announced by Tax Commissioner Michael D'Ascenzo, willlook at individuals and businesses that have sold items online during the past three financial years, and with a specific scrutiny at those with turnover of more than $20,000 through online sales site eBay and Trading Post.
The ATO plans to scan around 30,000 records from these sites as part of a data matching program and eBay and The Trading Post will be legally compelled to supply the computerised transactions to the ATO.
D'Ascenzo says any online sellers who know they have done the wrong thing can come forward voluntarily and access discounts of up to 80% on any penalties handed down by the ATO.