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Re: Question about how much i will be taxed

Newbie

Views 101

Replies 2

Hello, my name is Joshua Goodfellow

I am 13 years old and have a model train selling buisness

I am wanting to start an online buisness selling these model trains

Will i be taxed or not, (this is a buisness so i will be making a profit) and how much would i be taxed?

Any help would be greatly appreciated

Thanks

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 1

Hi Joshua,

 

Any business you run is "taxed", however if the business makes a profit of less than $18,200 per year your income would fall under the tax-free threshold and you would not need to pay any tax.

 

It is possible your business is actually a "hobby" which isn't taxable. Have a search of the ATO website for some info about a hobby to help you (or possibly some others on this forum can break that info down for you).

 

Good luck selling your trains Joshua!!

2 REPLIES 2

Most helpful response

Devotee

Replies 1

Hi Joshua,

 

Any business you run is "taxed", however if the business makes a profit of less than $18,200 per year your income would fall under the tax-free threshold and you would not need to pay any tax.

 

It is possible your business is actually a "hobby" which isn't taxable. Have a search of the ATO website for some info about a hobby to help you (or possibly some others on this forum can break that info down for you).

 

Good luck selling your trains Joshua!!

Newbie

Replies 0

Hello, thank you so much

I don't think i can sell more than $18,200 a year so i will be all good

Thanks for your help, Joshua