rodent businesses?

[dale1988]

starting to get alot of my stocks up and am considering selling in big amounts now my question basically is with the bigger businesses like [deleted] and rodent farm do these guys trade mark there name? is there any taxes paid on what they are earningwhat is required to be in there positions abns anything liek that all info is greatly appreciated.

 

[DeadCricket]

I would suggest that these bigger, well known companies are registered as such. They would operate under an A.B.N and have to complete BAS statements. Which means, yes they would pay taxes.

There is a threshold for a 'hobbiest' which I believe is around 50k p.a. Whether it would be applicable in this case, I'm not sure.

Your best bet would be to have a chat to a good accountant

 

[dale1988]

alright cheers i wasnt looking at making over that or honestly even half was just more or less an extra hobby to be honest and also feeding my own reps and friends thanks for the info

 

[DeadCricket]

alright cheers i wasnt looking at making over that or honestly even half was just more or less an extra hobby to be honest and also feeding my own reps and friends thanks for the info

If its just for you and friends I wouldn't say it would be a big drama. I am not a tax accountant though. I can only give you what I think to be correct. My suggestion is still to have a chat to an accountant. Isn't there a thing on your tax return form where you can mark ' other income' ? Possibly that's where it would go

 

[dansfish4tea]

If you have a bussiness name and advertise you will have to give money to the government
If no advertising and no name, class it as a hobby and no tax

 

[dale1988]

dam lol had a great name in my head to lol ah well not planning on supplying at a commercial rate so that's fine

 

[wokka]

If you start a business all profit is taxable. As a sole trader you get the normal tax free threshold for income tax which I think will soon be around 15K. The current threshold for GST is 75K turnover as opposed to profit. The other side of paying tax is that the expenses of operating that business are tax deductable. If you are lucky enough to be paying tax its because you are making a profit which is generally one of the reasons for being in business. Luckily everyone doesn't have the aim of trying to avoid tax or there would be no schools, roads or hospitals and the like which are paid for by governments from taxes.

 

[DeadCricket]

There is a 'hobbiest' threshold. I worked under it when doing sound & lighting. From what I recall the threshold is 50k p.a. It would likely apply to keeping reptiles as a hobby and possibly to excess food you happen to breed.

 

[wokka]

Is it a business or a hobby?
There is no threshold for weather income from a hobby is taxable. Generally it is but tax is only paid upon profit so costs are tax deductable.

 

[DeadCricket]

I might have the wrong term for it Wokka. Its something that isn't a main source of income. A hobby.

 

[saximus]

I've heard of what you're talking about Cricket. I've heard it usually for people who sell a lot of stuff on ebay or for people who buy and sell cars etc. There is a limit for how much you can sell before it needs to be counted and as long as you're under that you can do what you want but like Wokka says as soon as you put a business name to it your profits are all taxable. Dale you might as well just get a couple of accounts on other herp forums and just start advertising on here when you are overstocked. I'm sure Wokka will attest to the fact that, like any job, it takes hard work to make money. So if you are trying to fulfill orders and keep up with demand you may be overwhelmed before you know it.