Is this herp going to drop in price????

[spilota_variegata]

From my understanding these, Big Players generally have running businesses and so do claim there sales already.

This tax subject raises its head now and then and always stirs up a hornet's nest.

I remember doing a search on the "big players" a year or two ago and was surprised how many of them were NOT registered as businesses.

The regular breeder does not need to worry about paying tax as there is no purpose or prospect of profit involved with their selling.

The big players running businesses are doing the right thing - paying taxes.

As to the people I know, I would never divulge their names, particularly not in this forum.

 

[dixilizards]

[QUOTE - The regular breeder does not need to worry about paying tax as there is no purpose or prospect of profit involved with their selling.]

Being a registered business or not has nothing to do with profit but is related to the $20,000.00 worth of sales, if you sell that or more than it is wise to be registered as regardless of your loss status making that will make you a viable business at some stage in the ATO's view and so being registered and running can save $$$ in back payments.

[QUOTE - As to the people I know, I would never divulge their names, particularly not in this forum.]

I never asked to name them here, I stated if these people are doing the wrong thing than have them punished by reporting them to the ATO (Australian Taxation Office) not nanme them on APS.

 

[unique]

I have heard that they are soon going to put a tax or something for how many herps you have like if ou have a certain amount you have to pay yearly blah blah
is this true?

That's absolute rubbish...they have no idea how much
we are selling the animals for,for all they know we could
be giving the animals away for free.

as for the people winging about other people making
money from breeding herps...whats so wrong about it?
there is nothing wrong with it....have you seen the larger
breeders set ups ??? i think it is gelousy that makes
people comment and put down people that have
herps on a larger scale

Tax :lol:

aslong as the animals are healthy...good on them.

Cheers.

 

[wokka]

[QUOTE - The regular breeder does not need to worry about paying tax as there is no purpose or prospect of profit involved with their selling.]

Being a registered business or not has nothing to do with profit but is related to the $20,000.00 worth of sales, if you sell that or more than it is wise to be registered as regardless of your loss status making that will make you a viable business at some stage in the ATO's view and so being registered and running can save $$$ in back payments.

[QUOTE - As to the people I know, I would never divulge their names, particularly not in this forum.]

I never asked to name them here, I stated if these people are doing the wrong thing than have them punished by reporting them to the ATO (Australian Taxation Office) not nanme them on APS.

I think you will find there is no requirement to regaster a business, based upon sales, in Australia. You are required to register for GST if you turn over $75,000 or more. Income Tax is paid upon profit not sales.

 

[dixilizards]

Correct, however the ATO's opinion is over $20,000.00 per year is no longer considered a hobby but a viable addition to income so therefore it can save $$ in back payments when you buy that 1976 mustang and the ATO come asking how you paid for it on your standard income.

 

[Helikaon]

it wouldnt work in qld anyway would it, due to the commercial reptile sales being limited. therefore even if you registered a buisness name, you cant legally sell anything other then species allowed to be sold commercially e.g. antaresia, eastern blueys, central beardies that sort of thing.

 

[spilota_variegata]

That's absolute rubbish...they have no idea how much
we are selling the animals for,for all they know we could
be giving the animals away for free.

as for the people winging about other people making
money from breeding herps...whats so wrong about it?
there is nothing wrong with it....have you seen the larger
breeders set ups ??? i think it is gelousy that makes
people comment and put down people that have
herps on a larger scale

Tax :lol:

aslong as the animals are healthy...good on them.

Cheers.

All the ATO needs to do is get access to your permit details; sales, imports etc., and then they'd know exactly what you've sold. They could implement a system like selling a car where the buyer and seller has to submit paperwork stating the buy/sell price. It wouldn't be a difficult thing to do.

As to jealousy - I don't think so.

Hypothetical situation:

Your neighbour is an unemployed panel beater who is on the dole. He does a lot of cash in hand work and drives a brand new SS Commodore from the money he makes.

You work as a night packer in Coles and struggle to put food on the table for your 3 kids. Your 20 year old Toyota Corolla needs a new clutch (which you can't afford) and some mongrel has put a big dent in your front fender because he doesn't like the way you packed the feminine hygeine products last night.

You approach you neighbour and ask if he can do a backyard job on your car as you're short of cash. The quote he gives you costs more than what your car is worth, so you decide to drive it around with the big dent and slipping clutch. He laughs at you while you're backing out of his drive as your car bunny hops in reverse because of the clutch.

Your kids are hungry, wearing hand me downs and your wife is sick and tired of the lifestyle you are providing.

Your neighbours' kids are all wearing designer clothes, going on fancy holidays and his wife has just got a brand new Hummer.

You pay tax - he doesn't. He receives Centerlink payments - you don't

Who's jealous now???

That's the reason why we have to declare incomes and pay tax.

But you're probably too tired to read this as you've been up all night busting your hump while your neigbour is probably counting all the money he's made.

We pay tax for a reason :evil:

 

[scorps]

ahh you must be talking about me coz my ears are burning:lol:,i think there legitimate questions apart from some other rubbish questions on here(aps)

Talking about know one in particular, theres about 10 of these threads made a season lol

 

[Chris1]

To wrought the tax system you would need sales of $20,000.00 per financial year to be of any interest to the tax department and not until $75,000.00 would you need to calculate in the GST component.

Very few people in this hobby make in excess of $5-6,000.00 per financial year let alone $20,000.00.

and of that 5 or 6k a fair bit would go on a room for the animals (an office is tax deductible so a herp room would also have to be)
food (can be a huge expense if u buy crix froma petshop)
power
time.

in the long run most people would be able to write off part of their wage fro herp expenses if they have a dud breeding year.

hmm,. for someone like me that would be awesome!!!!bring it on!!!

 

[dadaman]

If you can't afford it, don't bother buying it until at least next season. Nothing worse than low ballers.

 

[Jonno from ERD]

To wrought the tax system you would need sales of $20,000.00 per financial year to be of any interest to the tax department and not until $75,000.00 would you need to calculate in the GST component.

Very few people in this hobby make in excess of $5-6,000.00 per financial year let alone $20,000.00.

I can think of several people I'd call friends who sell in excess of $100,000 worth of reptiles every year...it's pretty common.

 

[KatshirT]

I can name several billionaires who are aussies!

Does that make them the normal trend in this country?

Cause that what your post jonno puts out there.

 

[bk201]

i wont pay full price if animals are not as described like forgeting to list missing tails.toes etc just dodgy to leave those details till pick up

also if im at a sellers and he offers more stuff for sale il ask for a discount lol since hes pushing it

also bulk is a good to ask discounts but what is bulk? like people buying say 2 beardies out of a clutch of 20 isnt really bulk...

 

[Jonno from ERD]

G'day Katshirt,

I don't have several friends who are billionaires

What I was saying is that it's common enough that several friends of mine achieve those results, and most of my mates aren't herpers.

Cheers

I can name several billionaires who are aussies!

Does that make them the normal trend in this country?

Cause that what your post jonno puts out there.

 

[beatlloydy]

I dont have an issue with tax...if people do earn big dollars then they should pay tax...I thought the original time the tax issue came up is that somoeone thought we were going to be taxed per snake (and that I dont agree with if you have say less than 20)

I also know a lot of people who have their own business and the "cash in hand" supports their o/s holidays etc.

I dont agree with it but it is in the Aussie Psyche not to be a "dobber" so I dont say anything, even tho a neighbour is one of the highest investigators in the ATO (brought down the Aussie music/film evaders a few years ago(hoges, Wheatley etc).. (my lips are sealed).

Me I am a poor PAYE person with nothing to claim or hide. But at least I am happy.