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Business or Hobby?

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Business or Hobby?

Post by Admin on Wed Nov 19, 2014 7:30 pm

Are you running a business or Hobby?
How do you tell the difference?

Here are some points to help you establish the difference....

The easiest way to find out if you are running a business or a hobby is to ask yourself a few simple questions. Here’s a quick test:

Is the activity being undertaken for commercial reasons?
Do you have the purpose and prospect of making a profit?
Are you regularly and repetitively undertaking the activities?
Is your activity planned, organised and carried on in a business-like manner?
If you answer yes to more than two of these questions, it would be reasonable to assume that you are operating a business. If you are running a business it has some significant taxation implications and if you fail to correctly declare when you are in business, you may have additional costs and penalties on top of your ATO tax bill.

Thanks to Small business W.A these points are really helpful!

http://www.smallbusiness.wa.gov.au/hobby-or-business/



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