if your selling toys like tfs! what are the tax laws? is there a certain amount when u go over u have to pay tax?
Rank 8 - Deluxe Member
Tax
if your selling toys like tfs! what are the tax laws? is there a certain amount when u go over u have to pay tax?
Rank 8 - Deluxe Member
I imagine that laws would differ depending on whether you're selling the toys for commercial reasons (e.g. you're a dealer or retailer) or not.
Rank 8 - Deluxe Member
If you sell by cash it technically didn't happen. However anything that enters your bank accounts can be assessed for tax. Generally the ATO won't bother if your income via private sales is under ~$15k. Besides which, most sales of TFs are generally a capital loss anyway.
So the shortanswer is NO.
If someone who is an accountant knows otherwise now is the time to correct me
Rank 8 - Deluxe Member
Hobby no tax
Wanted items:
eHobby Orion Pax and Dion
Rank 10 - Admin
Unless you are a registered business and had over $5000 in sales in the year, tax isn't something to worry about.
Rank 3 - Basic Member
Re
+1Originally Posted by autobreadticon
Rank 3 - Basic Member
The Australian Taxation Office has issued a ruling:
Taxation Ruling TR 97/11 – Am I carrying on a business of primary production?
It is equally applicable for businesses.
When you read the ruling, you have to consider many indicia.
http://www.ato.gov.au/individuals/co....htm&page=7&H7
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