Join our investing community

selling second hand goods on ebay

Discussion in 'Off Topic' started by dmale69, 17th Nov, 2007.

  1. dmale69

    dmale69 Member

    Joined:
    22nd Sep, 2007
    Posts:
    17
    Location:
    Melb, VIC
    hi all,

    i'm finding that i'm able to make a fair bit of $$$ offloading my old stuff on ebay. this is getting me to wonder what the tax implications are. does anyone have any idea? its not my job or anything, to me its just like an online garage sale, but time to time i earn myself a good $1-2k off my old second hand stuff.

    thanks, dbn
     
  2. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
    Posts:
    1,796
    Location:
    Sydney, NSW
    dbn

    I use ebay for buying and selling.
    As far as I know selling your personal stuff on ebay is tax free.
    I've read somewhere that the ATO is targeting people who have online businesses on ebay as they don't pay GST or income tax.

    Cheers
     
  3. Simon

    Simon Well-Known Member

    Joined:
    17th Sep, 2005
    Posts:
    520
    Location:
    Newcastle
    I am pretty sure that selling your secondhand possessions is tax free. Think of it like a garage sale.
     
  4. dmale69

    dmale69 Member

    Joined:
    22nd Sep, 2007
    Posts:
    17
    Location:
    Melb, VIC
    hmmm..i have accumulated a lot of old stuff and selling it on ebay seems to be making me a bit of extra $$$...i also read somewhere the ATO was targeting people with sales of over $50k p.a...but since i'm no where near that it creates a lot of extra drinking money for myself..it just sounds too good to be true..