Reptile licencing will be controlled by state government legislation, which should include definitions of commercial or business. The ATO is federally controlled and unlikely to effect state legislation. Spending money doesn't necessarily offset taxable income, as some purchases may be capital.
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Mick666
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I'm looking at hatching over a hundred snakes this season, my total will be around 150. Even though I advertise and sell them, it's just to offset the bills, this is still my hobby. I can't see myself getting rich or even making a profit from it.
I dont think that making you rich nor making a profit is a requirement of a business. It would be more an assessment of the character of your activity with regard to other activities you may be involved in. Turnover may be more relevant than profit.
Neil j
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Unless everybody that breeds reptiles has to be a business it’s not fair. Supply and demand keeps everybody honest. The best and fairest regulation since day dot.
I’m not to clued up on the new Regs but if that’s the way it’s going it’s the beginning of the end for someone like me on the disability pension. Very sad
I’m not to clued up on the new Regs but if that’s the way it’s going it’s the beginning of the end for someone like me on the disability pension. Very sad
nuttylizardguy
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And you'd better hope Centrelink doesn't catch on that you have hobby that involves selling reptiles that you've bred (they wont give a stuff if you are making a profit to them every sale you make is income) .
Pretty nasty how Centrelink deems people on benefits have debts to them and then chase them down , with the person who's suddenly told that they owe thousands to centrelink from many years ago without centrelink spelling out exactly how these debts were calculated or when the alleged overpayments happened.
I wonder if they ever send people who have been underpaid apologies and cheques ? …. silly me, of cause not.
Hell , from what I saw on 7:30 Report
https://iview.abc.net.au/show/7-30
and on similar current affairs programs , Centrelink are frequently raising debts against people who don't have debts and have done nothing wrong (with the exception of needing to deal with Centrelink and being on a payment of some kinds). It's the latest money grab called ROBODEBT.
Stay friendly with your neigbhours and don't tell no one you are on benefits when you are out , and NEVER through out your account statements , or any receipts associated with costs of the "business" err hobby of breeding reptiles would be my advice. Chances are you'll eventually need them either for tax audit or if you are shafted by Centrelink with a Robodebt.
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Mick666
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I'm claiming my sales on tax this year, as well as income from my band. I just take photos of receipts and keep them in a file. I also track my vehicle's KM's when sending snakes on planes etc.
Neil j
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no it’s a hobby, I give away animals all the time. I get given animals. And swaps. If I was going to try make a profit I wouldn’t of spent so much on my pets. I didn’t breed anything last year and buy more then I sell. It’s my money not centrelinks.
[doublepost=1566943319,1566941640][/doublepost]Jesus I own 20 something snakes, 3 full adults and I’m a business Or is it Just because they are morphs. I only have 4 racks I’ve always regulated my own collection to the smaller side. Snakes are NOT investments and should never be treated as such. Heaps can and does go wrong in incubation, not breeding and slug outs.
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Why are you doing that?
[doublepost=1566943319,1566941640][/doublepost]Jesus I own 20 something snakes, 3 full adults and I’m a business Or is it Just because they are morphs. I only have 4 racks I’ve always regulated my own collection to the smaller side. Snakes are NOT investments and should never be treated as such. Heaps can and does go wrong in incubation, not breeding and slug outs.
[doublepost=1566945688][/doublepost]
Why are you doing that?
Mick666
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just to cover my ass really.
nuttylizardguy
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Yep, but that's not how Centrelink and the current minister in charge sees it unfortunately.
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Very wise man Mick.
In 1997 I was audited (ATO) and they wanted full records going back 7 years. Fortunately for me I never toss out a statement or paid receipt and I keep very thorough recorded (diaries (handwritten on spreadsheets and outlook calenders) , I've got a filing cabinet full and overflowing into postal boxes ( one per year ) going back over 40 years , and I was able to prove every single penny I'd claimed was justified , and infact that the ATO actually owed me money ( I discovered in the forms they sent me things I should have been claiming but hadn't , so I received very handy cheque of several hundred $ as a result, backfired on the ATO rofl), yes was very time consuming and they wanted copies of everything , but had I not kept this stuff I'd've in the sh1t..
The same applies to Centrelink , infact , from what the show indicated , EVEN more so than with the ATO.
I still keep everything even though I'm retired now - and trust no one until they prove that they deserve my trust.
It's no effort to keep a spreadsheet to enter expenditures in , and set up an outlook calender , ( keep more than ONE copy though , and make sure all are regularly updated and backed up) and have box full of receipts ( with some comments written on them to jolt your memory about it's context , they don't need to organized into categories , just put in the box (or archive folder) as they happen).
My Spreadsheet goes back to 1995 and has 40 colour coded columns for different categories of income and outgoings even mundane stuff , everything is potentially relevant (ATO and Centrelink).
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Wow that's pretty extreme ! I am a self employed truckie and run a separate bank account for the business and pay myself a wage so everything is isolated. Whatever I do in the reptile hobby is totally out of my personal pocket and is just my hobby, so on the odd occasion I sell some babies that money just goes back into the feed fund. I have never and will never make a profit, mostly I do it for the fun or the thrill of seeing some kids face when he meets his scaley new friend
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