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(Newbie)Newbie

31 Aug 2024

I notice there is a lot of people selling second hand stuff in weekend markets.

If I want to join, does this consider to be a sole trader?
How will the tax be counted (as most market people might be paying cash, without e-receipt, do I need to mark all cash income by myself.
is GST necessary ?
Can I claim for expenses refund, any other conditions?

thank you

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(Taxicorn)Taxicorn

31 Aug 2024

Sole trader is a business structure for an individual.

Business structures - key tax obligations | Australian Taxation Office (ato.gov.au)

Link below provides information on record keeping for businesses

Record keeping for business | Australian Taxation Office (ato.gov.au)

Information on business deductions

Business tax deductions | Australian Taxation Office (ato.gov.au)

GST only necessary if your gross income will be or is likely to be greater than $75,000 in a 12 month period.

GST | Australian Taxation Office (ato.gov.au)

Good luck!

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Most helpful reply

(Taxicorn)Taxicorn

31 Aug 2024

Sole trader is a business structure for an individual.

Business structures - key tax obligations | Australian Taxation Office (ato.gov.au)

Link below provides information on record keeping for businesses

Record keeping for business | Australian Taxation Office (ato.gov.au)

Information on business deductions

Business tax deductions | Australian Taxation Office (ato.gov.au)

GST only necessary if your gross income will be or is likely to be greater than $75,000 in a 12 month period.

GST | Australian Taxation Office (ato.gov.au)

Good luck!

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business / sole trader | ATO Community