Hobby or a Business?

Generally speaking, once you start to receive money for doing certain things, you need to consider whether you’re simply conducting a hobby which is generally beyond the reach of income tax (unless CGT is applicable) and GST, or whether you have a taxable business.

For GST purposes, registration for GST is generally based on having an ‘enterprise’, which is a lower threshold than running a business. This distinction needs to be kept in mind for, however this article focuses only on income tax.

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Accru Melbourne , Melbourne
Accru Melbourne, part of the Accru group, is an award winning financial services organisation. Our highly personalised approach and dynamic advice makes us standout in the fast paced, ever-changing business world.
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