Hi, Have not been able to source any definative answer to this question. Someone who prospects gold for a hobby. My question is - how much can you earn from prospecting as a hobby, per annum? I thought that $20,000 would be the figure. But I have heard (only from word of mouth) that someone was advised from the Amalgamated Prospectors & Leaseholders Association (APLA) that the non taxable earnings figure is
Hi @Taxpayer1,
If your gold prospecting is a hobby, then you don't have to declare your earnings to us as income.
There's some great information on the difference between a Hobby or business? on the federal government business website.
There's even a handy tool on that site that can help you decide if you're hobby is actually a business.
Most importantly, there is no set figure that you can earn before your activity would be considered a business.
It's your activities that define how any income is treated.
This page on our website will also help you to understand if are you are in business.
Have fun!
Hi @Taxpayer1,
If your gold prospecting is a hobby, then you don't have to declare your earnings to us as income.
There's some great information on the difference between a Hobby or business? on the federal government business website.
There's even a handy tool on that site that can help you decide if you're hobby is actually a business.
Most importantly, there is no set figure that you can earn before your activity would be considered a business.
It's your activities that define how any income is treated.
This page on our website will also help you to understand if are you are in business.
Have fun!
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