Hi,
I am just wondering if someone is aware at what point does a hobby become a business?
I am looking at selling teething necklaces and a few other items. All will be imported and then sold on by me for a small margin. My turnover will be under $75,000 for sure (GST lodging requirements) but I am unsure if I would need to register an ABN and lodge a business tax return or what?
Thanks.
small business or hobby?
Saturday, 18 October 2014 - 23:26
small business or hobby?
Posted in:
IM's In Business, Money
1 Replies
All the information is on the ATO website. Go and see an accountant though the small investment is worth it in the long run to make sure everything is set up correctly. It's a nightmare to fix if you get it wrong.