i plan on selling fish at home as i live on a main rd. was thinking putting a sign outside my house.
is this ok to do or do i eed to ask council first?
how much can i earn per year before tax comes in?
thanks
$20,000 and it is no longer a hobby i think is the main rule- need accountants out there to confirm for us though.
as far as a sign on the road, i think you might need council approval but not sure, a fellow up here on the main road near Mirani (400km north of here but on the way to the whitsundays for us) has a big goldfish for sale sign out front.
i really have no idea champ so maybe call your local council, don't drop your details or anything but just ask them if you could put up a sign in your front yard or not, or maximum size etc.
cheers,
Andrew.
a guy up the road from me puts a sign up out on the footpath for goldfish every weekend.
just your average size chalk board.
not sure if he needed council permission.
I think it is 20k profit, but if its cash you just won it at bingo in my books, As for the sign, personally i would take the same stance, put it up untill someone complains. :lol:
At work, we are nor allowed to have a sign on the council land, but our own land is fine.
I think it is within 2.4m of the gutter.
James
mate, its cash money just shut up and do it.....
every cent you can get without little johnny knowing about it the better......
and he thought that gst was going to fix it,
there more black money out there since he brought gst in...... dick head!!!!
hello to the ATO.......
I agree with everyone else cash forget it as you got it from grandma last birthday or a gift from a friend as for the sign stick it inside your boundary and they really can't do a lot. So hope all goes well for you.
This is if your land is classed as residential (dont know what the business laws are)
I looked into it myself a while back and if you are getting 5k profit you need to pay tax on it. as far as the sign goes, you can only have an A4 sized piece of paper in brisbane (Ipswich is 1/2 square metre).
If you let the council know what you are doing then you need to have permanent secure parking for 2 customer cars and all customers are by appointment only (max of 6 per day). you also gotta make sure you have public liablity insurance cause if somone trips and u get sued, just declare bankruptcy (its easier).
Wasnt worth it in the end for me. gives you an idea of what your up against.
HTH Wilson.
P.S. Doesn't matter if the sign is inside your boundry or not. (YOU THINK YOU OWN YOUR OWN BLOODY PROPERTY UNTILL YOU TRY TO DO SOMETHING ON IT)
The courts have provided some guidelines to help
determine whether an activity is a business or a
hobby, but there are no hard and fast rules. The
Australian Taxation Office looks at all the
circumstances of a case in determining whether a
business exists. Guidelines adopted by the courts
include the following:
• Does the activity have a significant commercial
purpose or character?
• Does the person have more than just an intention
to engage in business?
• Does the person have a purpose of profit as well as
a prospect of profit?
• Is there repetition and regularity to the activity?
• Is the activity of the same kind and carried on in a
similar manner to businesses in that industry?
• Is the activity planned, organised and carried on in
a businesslike manner?
• What are the size, scale and permanency of the
activity?
• Is the activity better described as a hobby,
recreation or sporting activity?
It all depends on your primary income. hobby can not exceed salery . Say if you earn 80k with your primary income you can earn up to 50k it is tricky though if you earned this two years running then they will ask "please explain". oh if fish has something to with your primary income then it can not be classed as a hobby also. If you are unemployed you need to declair the whole amount with centre link. The guide lines are very narrow so keep all reciepts and remember this is a hobby and not your primary income.
as far as i understand you can have a sign on your fence but you will be required to have a permit on the footpath.
When we sell fish to lfs we supply a hobby statement and a invoice this gives us "records " and keeps the lfs honest :lol:
20 grand, shit i would be happy with 2. :D
Mate, if your serious about it:
1. check with the local council first. It will depend on your zoning. If you are residential....good luck; and
2. If its ok with council as Andrew said, go and see an accountant. You will not get accurate info on here. The last thing you want is a hefty tax bill and all you have to say in relpy is 'but xyz on Qld cichlid forum said it was ok'.
Its not just the tax you need to think about, its the deductions you can claim. Sometimes its better to make a loss if you know what i mean.
Michael
man thanks for all info guys, appreciate it.
i have nothing to sell at moment however im thinking of buying some fish and breeding or doing something else such as little business
im gonna just stik sign out till someone complains
hey guys can u give me ideas on wat fish to start off on making bit of money on the side
Hey Willey you are one funny hombre. :lol:
You say
[quote:e7cbf99bab]was thinking putting a sign outside my house[/quote:e7cbf99bab]
and
[quote:e7cbf99bab]how much can i earn per year before tax comes in?[/quote:e7cbf99bab]
and then
[quote:e7cbf99bab]i have nothing to sell at moment however im thinking of buying some fish and breeding or doing something else such as little business
[/quote:e7cbf99bab]
and
[quote:e7cbf99bab]im gonna just stik sign out till someone complains[/quote:e7cbf99bab]
and then
[quote:e7cbf99bab]hey guys can u give me ideas on wat fish to start off on making bit of money on the side[/quote:e7cbf99bab]
I wouldnt be too worried about the taxman for quite some time, generally speaking, you need some kind of a plan before you can make money. Also some fish and then breed them and raise the fry.
You get an "A" for enthusiasm but you are putting the cart before the horse.
Actually a better question would have been,"How much time, money and effort is needed, before the money comes in".
Theo
Well said.
8)
very true however i have gain plenty of good info from all this
thanks guys
lol
:lol: now ask if it worth doing. what ever you put in dont expect it strait back. with a lot of work and time you may recoup some looking at two years. my setup cost around 16k with my breeders and the learning curve. make money :lol: :lol:
Just do it as a hobby, and enjoy it as such. If you ever start tripping over rolls of $100 bills as you try to get into your fish room, then its probably time to go see the accountant. Didn't really have anything to say, just wanted to crack 100 posts b4 I went to bed 8)
Dave.