Hello, I'm new to forex trade And have been making huge losses but I recently see a lot of people earning from it. Can someone please tell me what I'm doing wrong
"A" is a Sole Trader running a small Clothing and household goods Store in Australia. He has found an online clothing store i.e. patpat. He wishes to purchase the goods from patpat for reselling in his store. Since patpat gives 50% off on the 5 items of the products the business person A orders clothes from patpat frequently. His each invoice will be less than $82. And Patpat issues him more than 10 different invoices a day on the regular basis. Since patpat is not based in Australia and does not have their ABN. In this situation, how can the business person A use his invoices for the tax purposes? Can he use the invoices without the seller ABN information for tax purpose? Can he use all the invoices for example 10 invoices from the same suppliers a day which is less than $82? Is it necessary for A to mention his ABN in his purchase order invoice? Does paypal invoice work for the tax purpose ? Thanks in Advance
Are you asking if 'A' can claim a tax deduction for the goods purchased? If Patpat provides a receipt or invoice that can show that 'A' purchased the items (he may be required to show 'proof of payment' - bank statement to show the AUD$ value of the goods) he should be able to claim a tax deduction. There won't be any GST claimable as no GST was paid on the invoice. Derek
Government crooks after redtape costs " taxes, & expenses my Dad keep 5% net profit a civil construction company owner. 10 milion turnover turn into $500000 net profit a business owner doesn't keep all the net profit as left claim. Fuel tax 70% you can only claim on gst a business owner
