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I restore old furniture as a hobby, and recently started selling it on ebay. I am wondering if I am supposed to be paying taxes on that or if this is covered by the ebay fees? If I start making a profitable income from it will I need an ABN?
Hi guys, interesting conversation.
If you’re running a business, you need to report it on your Tax Return.
If what you’re doing is a hobby, then you don’t.
The trick is figuring out which one you're doing. There’s no one thing that will tell you which it is. @David343 – that $75,000 you’re talking about probably relates to registering for GST.
The easiest way to figure it out is to use the hobby or business tool at start.business.gov.au/
There’s also a bunch of info on the ATO website. These links might help:
I’m not really doing it for the money. I enjoy fixing up the furniture… I just don’t need 20 extra chairs around the house, so I need a way to move them on. That’s why I put them on ebay.