Hello,
I work a full time job and have to lodge a tax return each year based on this income.
I also make toys as a hobby, which I generally just sell on Facebook Marketplace. The money I 'earn' from this is barely anything. Based on the Hobby vs Business question, it is clearly a Hobby.
Recently a store has asked if they can purchase some of the toys I make, which they then intend to onsell. They have said they cannot purchase from me if I don't send them an invoice with an ABN.
If I obtain an ABN does this automatically make me a Business, which means I then would need to declare any 'income' made and offset with tax deductions on materials, etc? Even if everything else about my toy making falls under a Hobby classification (not expected to make much profit, small scale, no business plan or separate bank account, etc.)?
If an ABN is the trigger for this, can I use a 'Statement by a supplier form', to prevent the need of obtaining an ABN?
Thank you
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