Hi I have an online Etsy shop. I started out as a hobby but I think its starting to look like a business even though thats not my intention (good record keeping, regular activity and the like). I don't have an ABN as I do it for fun.
Etsy paid me $14k in the 24-25 financial year but I didn't make a profit because my expenses such as materials and postage were higher than that.
I want to do the right thing and declare it on my tax. I don't want to get flagged for not declaring it when it looks like a large amount, but I don't know how to lodge it when I have no ABN and have not made a profit.
How can I lodge this when it looks like I earnt $14k from Etsy but I actually made a loss and I don't have an ABN because I only intended to do it as a hobby?
Thank you.
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