February 8th, 2023 at 4:41 p.m. by Claus Ludewig – In Germany, the new Platform Tax Transparency Act has come into force, so that private sales are also reported to the tax office if certain requirements are not met. Now it is recommended to keep a sales diary for Ebay and Co.
The new Platforms Tax Transparency Act has been in force in the EU and Germany since the beginning of 2023. From now on, all online marketplaces such as Amazon, Ebay & Co. are obliged to report information about transactions that take place on their platforms to the Federal Central Tax Office. Anyone who makes more than 30 sales on a platform per year as a private seller or earns more than 2,000 euros from the sale is automatically reported to the tax office. Now the Bavarian wage tax aid advises that private sellers should keep a sales diary.
Sold too much? Tax arrears may threaten!
The description of the article, the new price, the selling price and the online platform used should be recorded in this diary. With such a list you can prove to the tax office that no profits were made. According to the income tax assistance association, Amazon, Ebay and Co. pass on the name, date of birth, address, tax identification number and registered bank details to the Federal Central Tax Office in addition to the sales prices achieved. Anyone who has sold too much is threatened with a back tax payment.
However, the legislator has made a subdivision so that there are also goods that private individuals can continue to sell tax-free on Amazon & Co., even if they have earned more than 2,000 euros. Only non-necessities items are treated as a taxable sale. Cars, for example, are regarded as objects of daily use. The situation is different with jewelry, for example. It also depends on how much time has elapsed between the purchase and sale. In the case of works of art, jewelery and antiques, for example, there is a statutory speculation obligation of one year from the date of purchase. These items may only be sold tax-free after this period has expired. With the new law, scammers who have bought a new Playstation 5, for example, and then resell it online at a higher price a short time later, are supposed to get their hands on it. Finally, the unique identification features are reported to the respective tax office, which can then request additional tax payments. The first notification will take place in early 2024.
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Recommended Sales Diary Collection:
Since this year, the Platform Tax Transparency Act has been in force in the EU, under which operators of online marketplaces, such as Ebay, are obliged to report data on their users’ transactions to the Federal Central Tax Office. If you make more than 30 sales per calendar year or If you earn more than 2,000 euros, you will automatically be reported to the Federal Central Tax Office. However, this obligation to report only applies to the sale of goods that are not designed for everyday use. These include jewellery, art and antiques. If you sell too much, you risk paying back taxes. The Bavarian wage tax assistance association recommends keeping a sales diary so that private sellers can prove in case of doubt what was sold and whether a profit was made the Income Tax Assistance Association.
Source: Bavarian wage tax assistance association
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