As i have an accounting background you are taught get paid early and pay others late to maximise your cashflow. I get paid daily and i put all my money received onto my mortgage overdraft (i too dont rely on ebay money). I then put all ebay expenses including the BAS tax bill on credit card and pay that in full monthly using a credit card that earns qantas frequent flyer points. Therefore i often get free flights and can use ebay profits on holidays and other minor expenses.
As a fellow aussie whos about to start reselling on ebay, where do i start with bookkeeping, taxes etc? I've always been on welfare so I don’t have a credit card, super account, zero idea of taxes. Can you do a video or tell me who i need to talk to to learn? Everything out there is for Americans so I'm completely lost and its stopping me from starting 😅
My recommendation would be just to keep it simple- a spreadsheet is completely fine to use (I still use one!) to track your sales. I have columns for everything- sold price, postage charged, postage actual, eBay fees, cost of the goods etc. it can then track your profit for that item. Tax brackets are different for everyone (the brackets are on the ATO website) but as a standard I just put 30% of my profits away in a separate account in preparation for tax time! I hope all of that makes sense :)
Quick question ,do you wash the clothes before listing? I had a bnwt leggings I sold. I didn't smell anything nor did I wash due to the tags. Customer left feedback that they reeked of smoke and it hasn't washed out. I've offered a part refund but as yet havnt heard from her..what would you do ? Thanks for any advice ❤❤
Hi Alison! Very strange. I don’t wash items that are BNWT because they should be in the state they were in the store. If they don’t take the offer of the partial refund, I would offer them to return the item.
@@livforflips she said she will keep them but keep washing them. Her review was good for me except using capitals about the smoke smell🤷♀️..oh well..next lol
As i have an accounting background you are taught get paid early and pay others late to maximise your cashflow. I get paid daily and i put all my money received onto my mortgage overdraft (i too dont rely on ebay money). I then put all ebay expenses including the BAS tax bill on credit card and pay that in full monthly using a credit card that earns qantas frequent flyer points. Therefore i often get free flights and can use ebay profits on holidays and other minor expenses.
Great way to do it! I pay my tax bill on my credit card too for the same reason- why not reap the perks!
This was so helpful. Thank you.
I’m so glad you got something out of it :)
As a fellow aussie whos about to start reselling on ebay, where do i start with bookkeeping, taxes etc? I've always been on welfare so I don’t have a credit card, super account, zero idea of taxes. Can you do a video or tell me who i need to talk to to learn? Everything out there is for Americans so I'm completely lost and its stopping me from starting 😅
My recommendation would be just to keep it simple- a spreadsheet is completely fine to use (I still use one!) to track your sales. I have columns for everything- sold price, postage charged, postage actual, eBay fees, cost of the goods etc. it can then track your profit for that item. Tax brackets are different for everyone (the brackets are on the ATO website) but as a standard I just put 30% of my profits away in a separate account in preparation for tax time! I hope all of that makes sense :)
Hi from TAS! 👋 😊
Hello there! I was just down your way!!
Quick question ,do you wash the clothes before listing? I had a bnwt leggings I sold. I didn't smell anything nor did I wash due to the tags. Customer left feedback that they reeked of smoke and it hasn't washed out. I've offered a part refund but as yet havnt heard from her..what would you do ? Thanks for any advice ❤❤
Hi Alison! Very strange. I don’t wash items that are BNWT because they should be in the state they were in the store. If they don’t take the offer of the partial refund, I would offer them to return the item.
@@livforflips she said she will keep them but keep washing them. Her review was good for me except using capitals about the smoke smell🤷♀️..oh well..next lol