Do you have to pay tax when selling reptiles

[bucket]

I've got alot of baby bearded dragons to sell in a few months & was planning to up grade to breeding green tree pythons with the money i make selling my bearded dragons but not sure if you need a ABN number does anyone know is there amount you earn before you have to declare

 

[Dannyboi]

It would count as income so it depends how much you earn already.

 

[bullfrog]

hi mate if its a hobby you can earn 50k before you have to have an abn i know this because i cut wood and sell it for a hobby, hope that helps u out mate

 

[bucket]

thanks alot just did want to get stuffed up by the A.T.O.

 

[beeman]

You are going to have to breed one hell of a lot of beardies to up grade to GTPs.
Beardies have gone the same way as most everything else reptile and arnt worth
much!

 

[Dannyboi]

It's pretty sad considering what people paid a few years back now they are having to sell theirs for a loss, but its a hobby so meh who cares about th dough?

 

[AM Pythons]

thats ALOT of beardies to sell to buy a pair of hatchie greens let alone a breeding pair..

 

[The_Dreaded_Pets]

if your only breeding a few pairs it is a hobby regardless of makeing 100k i would think....
however if your mass vreeding it would obviouslt be seen as a business

just my 2c im no expert tho your best bet is to ting the ato or checkout there wevsite

 

[MR_IAN_DAVO]

The way that costs are rising there would not be a profit anyway. if there was you would have to sell a lot of reptiles to even qualify to pay tax. The way it is at the moment the tax dept has to pay us.

 

[Australis]

I don't know how many beardeds you have (females), but there is no reason why you wouldn't be able to get a couple of greens with money gained from it.. assuming you can move the lizards on.
Green tree pythons aren't worth much anymore - and even less every year

 

[dixilizards]

I've got alot of baby bearded dragons to sell in a few months & was planning to up grade to breeding green tree pythons with the money i make selling my bearded dragons but not sure if you need a ABN number does anyone know is there amount you earn before you have to declare

As far as the Australian Taxation Office is concerned anything much over 20K per financial year is infact additional income and will count towards your personal income.

You will not have to be concerned with GST until your earnings are inexcess of 75k.

It's best to be counted as a business and not have to be worried about future repocusions.

 

[Jay84]

thats ALOT of beardies to sell to buy a pair of hatchie greens let alone a breeding pair..

if he has nice reds or yellows etc, they usually sell for around $100 each...... we all know how prolific beardies are......... If he sells 20 babies.... thats enough for a nice hatchling pair! With prices dropping as they are, by the end of this season im sure there will be hatchies for less than $1k

 

[HILDY]

They dont know how much you are making, i know people that just put it in their books and the person they are selling to as a gift.

 

[bigguy]

As already stated you do not pay tax on money earnt as a hobby. However when does it stop being a hobby. The answer the ATO use is actually quite simple. It is no longer a hobby and you need to pay tax if 1) your hobby earns more then your regular income, including the dole or pensions or 2) it is your sole income, not including minors or students.

As for an ABN or GST you need to earn more then $50,000 per year, not $75,000

 

[wokka]

As for an ABN or GST you need to earn more then $50,000 per year, not $75,000

Bob, you are showing your age. The threshold for GST was raised to 75K some years ago.

 

[Charlie09]

As long as you stay within the guidelines of its a hobby then its not deemed to be income. If your main goal is to breed for profit then yes you would be showing signs of operating a business but dont necessarilly require an ABN but would have to declare as income. Theres an ABN eligibility tool for sole traders on the ato website go through that and also there is info on difference between a hobby and a business. Dont bother ringing you will be on hold for a while and there shut from 12.30 today until the 4th jan

 

[Snakester]

For those that are serious about getting into the nitty gritty of what constitutes a business versus a hobby the ATO provided a Public Tax Ruling for self assessment - identifying various indicators of a business. There are also several summaries/checklists on their website for you to check out.

 

[wokka]

Just because you dont pay tax doesn't mean you dont have to.
You only really know you are right after passing an audit.