I'm retired. My hobby is prospecting. I'm required to have certain certificates. There is no way of forecasting any finds that generate income. Do I need to register as a business? Do i need to file tax returns if im not registered as a business? I will purchase equipment, have legitimate expenses, etc but, the primary reason for pursuing my hobby is to maintain activity, both physical and mental, fresh air, exposure to nature and a degree of solitude.
There will be durations of 3 days to 7 days where I'll set up a camp to fossick a site.
What are the implications or limitations on the selling any gold or gems I may find?
How or will this affect any pensions or health cards I may have?
Is there a yearly limit where a hobby crosses over into a business as far as selling value of "finds" is concerned? Does being of [Removed by moderator] heritage make any difference to considerations in this regard?
I've contacted three taxation experts for advise, and all the advise has been poles apart, or, unable to verify.
Where and who do I speak to, face to face, to explain my side, get a decision, and avoid future conflicts with government departments. A decent portion of the decision is to avoid people and government departments, conflict, anxiety, etc. What I don't want is to be confronted by "storm troppers" bursting into camp in the middle of the night due to some vague regulation I've breeched, some rule I've broken, or some debt I now owe the ATO for example.
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