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Hobby or Business

88GreenVN

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Just a thought about hobby v business

I've been messing around in my shed for years and years making all sorts of stuff needed at the time from roll cages to full on fit up stock cars plus what ever was had to be fixed around the place, cars or house.

Plus I sell stuff on Ebay and use the shed for this too.

I call it a hobby, to play with all the stuff in my shed - escape the house after tea:thumbsup:

Over the years I've made stuff that others want to buy and now sell 4 or 5 things every othe week. I make good pocket money from this activity. As an hourly rate = poor income, but I enjoy my time in the shed and glad to be able to do the things I do. :)

Now the question is - Is this a hobby or a businees
My answer is that it's a hobby because I choose to make the stuff and dont have too, if it was a business I would "have to do it"

This question was asked in chat box last night........ and made me think for a while on the issue.
 

Turd Ferguson

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imo its a hobby with benefits. your doing something you enjoy and making some money on the side from it, you sound like you enjoy doing it. the moment you start doing it purely for money its business
 

danja

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Hard to say, but I think I agree with TVR, it's a hobby with benefits :)

Wether the ATO would see it the same way however.. well that's another question ;)
 

minux

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There is no simple answer...Kevin Rudd would say yes its a business, simply because they need every dollar they can get to pay off what looks ot be 300bill+ of deficit :p
 

hingo1983

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Yeah but Kevin probably thinks a 5 year old selling their lunch is a business.
 

Rossbx

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I would hinestly call it a hobby. Do you have an ABN? If not, then it is a hobby. Just don't tell the ATO about it and you'll be fine
 

stocky

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I would hinestly call it a hobby. Do you have an ABN? If not, then it is a hobby. Just don't tell the ATO about it and you'll be fined
you left a letter off there haha
 

maginoodle

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One of my superiors at work breeds and sells horses as a hobby. He puts down any sales on his tax return as well as the cost to keep them. He said there is a non taxable portion separate to the 6000 or whatever it is on a normal wage and anything after that limit gets taxed.
 

Amped

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if it's your main source of income it's a business if not it's a hobby
 
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