Hello. I set up an etsy store last year as I wanted to try and sell some 3d prints I had designed... I thought I would do the right thing and get an abn and then declare it all on taxes etc since I wasn't going to be selling the prints at the cost price they took to make... so by definition it appeared I had to get an abn. The income would purely be pocket money (i dont promote my shop etc, so im not trying to generate massive sales) but I wanted to make sure I was doing it correctly and above board.
The last tax year I think I sold about $200 worth of items. My expenses have been well into the few thousands etc due to buying some printers and the materials to print. This has come out my own personal money but they have been declared in my tax returns and as a loss on the business side.
This year my store has sold a few things (probably made 200 again in sales so far) so I was hoping it might steadily increase.
However my accountant bill for last year is over 700 just to declare that im not making any money. Thats over 3 times my sales revenue... not even profit. So im literally losing money every year and having to pay a stupid amount just declare that I'm losing money.
I'm thinking of shutting down the etsy store at the end of this tax year as it really does seem pointless... but I'm reading stuff on having to sell all my assets etc in order to do so?
I am sole trader with an abn and I bought 3d printers in order to make things. I've never made anywhere near any profit and I've never received any tax benefit for buying the machines with my own money. Do I have to sell all my machines just to actually stop selling on my etsy store?
I just assumed I would just say I'm no longer trading, declare my sales to that date (will be massively negative) and then shut down my abn?
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