Taxation Question

[kariong chill]

Last time I went to the tax man he said all income even from a hobby is now taxable, with no starting threshold. Even if i only made $100 bucks from a hobby I'd have to pay the tax.

So is it just the hobby of metal detecting that has no tax...

I'd still like to claim for a 5k GPX

 

[Gold Diver]

Last time I went to the tax man he said all income even from a hobby is now taxable, with no starting threshold. Even if i only made $100 bucks from a hobby I'd have to pay the tax.

So is it just the hobby of metal detecting that has no tax...

I'd still like to claim for a 5k GPX

That's bad information, and too general.

Specifics are;
Are going about your activities in a businesslike manner????
(Although that could also be General) but it's how the ATO deem if you are taxed.

Everyday prospectors are not going about it businesslike, so forget it. If you make a huge find (Gold or Relics) if you win big at the TAB, lotto or casino and it's not deemed to be businesslike, you have NOTHING to worry about other than which vintage of Moe't you're going to drink.

GD

 

[Zorgs]

+1 Your tax agent is a chump.

ATO site is an excellent source of information;

http://www.business.gov.au/business-topics/starting-a-business/Pages/business-or-a-hobby.aspx

https://www.ato.gov.au/Business/Starting-your-own-business/Business-or-hobby-/

 

[kariong chill]

Good links. I won't be paying any tax on my metal detecting finds.

I have a few Hobby websites that I tinker on, unfortunately an ABN is required to register any .com.au site.
According to the ATO site if you have "registered a business name or got an ABN" its a characteristic of starting a taxable business.
So I'll be paying tax on what I consider a hobby.

 

[Zorgs]

G'day k chill, bit of a conundrum there as a .com.au site is not a personal site and like you said auDA rules mean you need an ABN.

Go to abr site and a private pursuit or hobby is not considered to be grounds for an ABN!

The fact you hold an ABN though doesn't mean you necessarily intend to run a business or turn over a profit in the long term. The ABN clause is just one of a number of possible identifiers. I'd get a second opinion or clarification from ATO before you start handing anything over to them!

 

[Dangrover]

If I sold all my pull tabs as scrap metal I might make 30 cents haha

 

[user 5415]

Yeah, and I want to know when the price of scrap lead going up!