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Full time fossicking and tax
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<blockquote data-quote="sand surfer" data-source="post: 521963" data-attributes="member: 7418"><p>Hi shep,it may cost a few dollars but i would see a tax accountant,when we stopped growing smallcrops in 2013, my accountant said i and my partner could earn $30,000 each a year undeclared as we are now hobby farmer's (claiming no deductions at all)the reason for this is it cost's the tax man more to asses a business tax return than what they get out of it,not sure if it is the same for our hobby or not.My partners cousin had to get a abn ,as he was contracting for a company,done his first tax return and they took his abn of him, as he did not earn more than $30,000</p></blockquote><p></p>
[QUOTE="sand surfer, post: 521963, member: 7418"] Hi shep,it may cost a few dollars but i would see a tax accountant,when we stopped growing smallcrops in 2013, my accountant said i and my partner could earn $30,000 each a year undeclared as we are now hobby farmer's (claiming no deductions at all)the reason for this is it cost's the tax man more to asses a business tax return than what they get out of it,not sure if it is the same for our hobby or not.My partners cousin had to get a abn ,as he was contracting for a company,done his first tax return and they took his abn of him, as he did not earn more than $30,000 [/QUOTE]
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Full time fossicking and tax
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