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 delivers positive financial solutions through exceptional client leadership. We’ve managed clients’ financial needs for more than 150 years and have a team of nearly 100 professionals delivering responsive, personalised and proactive financial solutions for both individuals and businesses across business advisory, audit and wealth management services.
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