Business vs Hobby…which are you?
Category : Practice Updates
Often we are asked the question…
“When do I have to start paying tax on my income?”
This question arises when someone starts out with a hobby and then begins to earn more money than first anticipated.
How can you decide? Use our decision tree below:
Everyone’s circumstances are different. You can find out more information by visiting the ATO website page dedicated to starting and running your small business – click here
You should also consult your accountant, there are many things to discuss when entering into a business activity!