Hobby or Business

[88GreenVN]

I do have a full time job

 

[Rossbx]

you left a letter off there haha

Not Good huh? :bang: It is like my computer: Intel inside, Idiot outside LMAO

It should have read: I honestly think it is a hobby. Do you have an ABN? If not, then it is a hobby. Just don't tell the ATO about it and you will be fine.

apologies for my bad grammar and spelling

 

[minux]

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

What a load of crap, it does not need to be a main source of income to be a business...

 

[Ozzie]

I agree.
Its more of a hobby because you not only enjoy doing it but you can stop it at any time.

Whereas GrillzArt is a business with an ABN, I have to pay tax on it and do all the BAS **** to go with it.
I dont want to really do it and I dont enjoy doing it but it makes $$$

 

[Not_An_Abba_Fan]

It's the same with mine. I have an ABN, but I'm not registered for GST. I call mine a hobby as what I make can easily be eaten up in overheads if I chose to declare it. I just don't think the extra paperwork and heartache warrants making it a 'business'.

 

[michaelw]

I faced this same question with my ebay emipre with the aldl cables. Looking at the ATO website the question that seems most important is "is it viable?" ie could you live off it? My ebay empire is for beer money so it fails the viability test.

Look at the hours you put in and the 'profit' you get out, chances are if you were doing it just for money you would be better off getting a second job.

Mike

 

[Ozzie]

Yeah thats true.

Im making enough off it to live on and I also work for KFC. The money from KFC is pocket money compared to my business. Its not worth me working for anyone else at the moment but things could change...
Most business's go brupt within the first year or so.

 

[Pub247]

Hobby for sure i make things mainly modified or custom cars parts if i choose to do something for someone its more for the chance to something new learns things and something i enjoy what i charge vesus the time i put in would pay me about $5 an hour no way that is worth it. If i was a business the money i'd have to charge would deter people from getting me to make something.

I suppose what I'm trying to say is if your doing for yourself its a hobby if your doing it to make money its a business

 

[gslrallysport]

Am I in business?

Quoted for accuracy...