IRD and Trademe

More
14 years 11 months ago #18858 by RaeM
IRD and Trademe was created by RaeM
The IRD are checking everyones Trademe sales to catch those folks that are making a living from buying stuff and then on selling it to make money out of it. That was in local paper yesterday. I wondered when I withdrew our big truck that we had sold, as there was a place to put the amount you had sold the article for, and I could not get out of that area until I had entered the amount of money we had got for it. So be warned as that is what they are doing.

RaeM

Please Log in or Create an account to join the conversation.

More
14 years 11 months ago #279653 by reggit
Replied by reggit on topic IRD and Trademe
I read that a week or two ago, Rae, impression I got was that they were targeting full-on traders, as in those who are running what amounted to businesses buying and selling, as opposed to those selling their own bits and pieces from households and hobbies/incidentals [:I]

Take a break...while I take care of your home, your block, your pets, your stock! [;)] PM me...

Please Log in or Create an account to join the conversation.

More
14 years 11 months ago #279654 by Kilmoon
Replied by Kilmoon on topic IRD and Trademe
Fair enough. They are only trying to catch those individuals using TradeMe as a business store (ie as a place to sell) and are not paying tax on their income. If you are selling one-off items (ie you use it to sell your vehicle) then you will have nothing to worry about. If however, you are operating as a trader and buying and selling vehicles (or any item) for a higher price (ie your intention is to make a profit - otherwise why would you buy high and sell low) then you are a business and should be paying tax as a result.

Good on the IRD; they are closing a loophole.

Please Log in or Create an account to join the conversation.

More
14 years 11 months ago #279720 by wino
Replied by wino on topic IRD and Trademe
they are collecting car and truck sales prices as they are selling the salesprice data basically.

The only issue you would have with the IRD over selling a truck you used is if you had claimed depreciation and the book value was less than you sold it for.

I was talking to an IRD staffer a few months ago about this very subject along with people who trade properties alot, think basically they are after those who are turning over significant amounts.

Never have a hangover - stay drunk

Please Log in or Create an account to join the conversation.

More
14 years 11 months ago #279723 by sod
Replied by sod on topic IRD and Trademe
Great I know one I hope they catch :):)

Having time is a measure of enthusiasm:rolleyes:

Please Log in or Create an account to join the conversation.

More
14 years 11 months ago #279733 by Organix
Replied by Organix on topic IRD and Trademe
The Secondhand Dealers & Pawnbrokers Act is often the legislation that IRD will hunt you down on.

Essentially you get to on-trade second hand items worth $2,000 or "on 6 days" per year before legally having to have a Secondhand Dealers & Pawnbrokers Licence. The licence costs about $350 and requires police checks, etc. It's all about the authorities having checks in place to be able to track stolen goods.

Harm Less Solutions.co.nz
NZ & AU distributor of Eco Wood Treatment stains and Bambu Dru bamboo fabrics and clothing

Please Log in or Create an account to join the conversation.

More
14 years 11 months ago #279744 by max2
Replied by max2 on topic IRD and Trademe
I hope that they cross reference sales with WINZ income too. a certain retired family member on the public purse for unemployment does very well buying at auctions and then on selling on TM.

Please Log in or Create an account to join the conversation.

More
14 years 11 months ago #279747 by moonshiner
Replied by moonshiner on topic IRD and Trademe
Bitter about people avoiding paying tax on the profits of trading on Trade Me?

Small fish I reckon.......

news.bbc.co.uk/2/hi/special_report/1999/...yclopedia/302366.stm


~

The only valid censorship of ideas is the right of people not to listen. ~Tommy Smothers

Please Log in or Create an account to join the conversation.

More
14 years 11 months ago #279750 by Stu_R
Replied by Stu_R on topic IRD and Trademe
:( woow geez sod mate .... I didnt really mean to sell that drum set i won, on trade me and not declare its income :( honest i didnt :) lol lol lol :)
:) lol but at 50 years old, i just didnt have a need for a drum set lol
lol its the one and only thing i have ever sold on trade me ... brought a bit though :)

5 retired Greyhounds ( Bridgette , Lilly, GoGo,Sam and now Lenny) 15 friendly sheep all of whom are named and come when you call them :) , 2 goats, Mollie and Eee Bee :
Olive trees , .. old bugger doing the best he can with no money or land :)

Please Log in or Create an account to join the conversation.

  • Jack
  • Jack's Avatar
14 years 11 months ago #279777 by Jack
Replied by Jack on topic IRD and Trademe
Gidday

And if your lifestyle block is registed as a business or for Grab Snatch and Take and you are selling anything to do with any income earning don't forget to declare the sale. Otherwise you will be done big time for tax evasion. Could cost thousands.

Please Log in or Create an account to join the conversation.

More
14 years 11 months ago #279859 by DiDi
Replied by DiDi on topic IRD and Trademe
I agree with the IRD auditing the site and I hope they do catch heaps of tax dodging bludgers!

If however, they ask me to pay Tax on the Horse Truck I owned for over 10 years, I will be asking for a Tax refund on what it cost me over what I received. Fair enough?

Please Log in or Create an account to join the conversation.

More
14 years 11 months ago #279873 by sod
Replied by sod on topic IRD and Trademe
LOL so your another one Stu well now I know :) that makes 2 HE HE.

Having time is a measure of enthusiasm:rolleyes:

Please Log in or Create an account to join the conversation.

More
14 years 11 months ago #279874 by max2
Replied by max2 on topic IRD and Trademe

DiDi;260971 wrote: I agree with the IRD auditing the site and I hope they do catch heaps of tax dodging bludgers!

If however, they ask me to pay Tax on the Horse Truck I owned for over 10 years, I will be asking for a Tax refund on what it cost me over what I received. Fair enough?


Yep I reckon. Quick for others to try and justify though eh?

Please Log in or Create an account to join the conversation.

More
14 years 11 months ago #280275 by ame
Replied by ame on topic IRD and Trademe

DiDi;260971 wrote: I agree with the IRD auditing the site and I hope they do catch heaps of tax dodging bludgers!

If however, they ask me to pay Tax on the Horse Truck I owned for over 10 years, I will be asking for a Tax refund on what it cost me over what I received. Fair enough?

If it's a business asset you will of course be depreciating it every year, which effectively 'refunds' the tax you would be liable for.

A

Please Log in or Create an account to join the conversation.

More
14 years 11 months ago #280277 by reggit
Replied by reggit on topic IRD and Trademe

ame;261412 wrote: If it's a business asset you will of course be depreciating it every year, which effectively 'refunds' the tax you would be liable for.

A


And you would have been claiming against all the expenses involved keeping it on the road/running it also...[;)]

Take a break...while I take care of your home, your block, your pets, your stock! [;)] PM me...

Please Log in or Create an account to join the conversation.

Time to create page: 0.194 seconds