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Gst must be paid when turnover reaches $75,000.
There are hobby farmers whose turnover exceeds $75,000 and must pay GST, but who cant claim expenses as a tax deduction!
I take it then that this has changed during the last 4 years? Or is it perhaps a case similar to dealing with Parks and Wildlife where one employee tells you one thing, and another something different.... Government agencies are a joy.
 
Last year the ATO launched a crackdown on people regularly selling at swap meets etc, 2 days on the weekend as a social hobby they called it, but the ATO said it was a declarable income
 
If keepers are interested in making a quality return on their animals, then they need to be smart. Think :
quality not quantity
lower your overheads
choose animals that appeal to a wide range of keepers
choose animals that are colourful and offer ongoing breeding projects
do not choose high priced new to captivity species eg wheeleri, roughies etc

Current species (in no particular order) that offer excellent returns for the right outlay price are

Aussie GTPs - pay no more than 4k for 2

Colourform GTPs eg high yellow, calico - pay no more than 3-4k for 2 (yes this option means buying indonesian / png stock)

RPMs - pay no more than 6k for a pair

Albino Darwins - pay no more than 3-4k for a pair

These are only a few but are pretty sure bets for the price providing no loss of breeding stock and succeesful breeding occurs, however there are risks involved in all investments and loss's can and do happen.

The figures if / when breeding occurs should achive a 100% return or even better in their first breeding season with more returns upon further breeding. This also takes into account a 20% - 75% price drop from the original outlay for the parents.

eg $4 000 for aussie Gtps (assuming they are a pair)
3 years of age 10-12 eggs (assuming successfull reproduction)
sell hatchies for $1 000 ea
8 - 12k return from 4k investment in first breeding season (all going well) with further returns upon further reproduction.

This formula could be used on the above examples and just about for any species available. You need to be smart and buy in at the right price at the right time. The above mentioned prices are the right prices. This is NOT an inexperienced opion, it is based on my and/or my closest friends buying, breeding and selling experiences with the mentioned species.
 
Won't be long till NSW allows pet shop sales.
If in NSW guys stock up on childrens, beardies blueys & long neck turtles.
Breed in mass & sell in bulk to the petshops. Fast money and no need to hold onto hatchies for any length.

The market is compulsive buyers & children. BAHAHAHA
 
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I should also mention that I am in this hobby for the love, as this passion is what got me into reptiles to begin with. However if and when I see an opportuntity to make a good return on a "legitimate" investmentI in any situation in life and/or business I will cash in on it.

Anyone who says they wouldn't do the same is kidding themselves, or they have never been in the situation to begin with.

There is nothing wrong with making a return on reptiles, just back it up with honesty and support to your buyers.
 
I guess you didn't read the rest of my posts Colin, I've listed the source of my information and even recognised that it's not necessarily exactly how it is, just what I was told by employees of the ATO.....you'd hope that would make the info true, but sadly isn't always the case ;) Given that you're an accountant yourself, I'm sure your information is much better than mine.
 
The ATO ruling regarding deductions etc for primary producers is that 51% of income must be earned "on farm" for you to qualify as a business.If you earn more than 49% of your income working at a job that requires you to work off the property (this includes internet related jobs) then you do not qualify for grants to primary producers. Tax payable for money earned from your hobby is at the standard income rate applicable and not the business rate. Although this may mean your hobby is not a business it also means that income from your hobby is taxable.
Although this ruling is related to primary producers it is also applied to other income producing hobbies.

Hope that helps explain it a little.
 
Barramundi - love your logical thought process in post #103!

I don't know why this topic is under such continuous discussion - there is money to be made in this hobby, and there is nothing wrong with individuals making that money, provided the care/welfare of the animals is not compromised. Look at someone like Simon Stone - without a doubt, his first priority is his love and passion for the hobby - but the guy would make bucket loads, and there is nothing wrong with that!

I'm nowhere near the big bucks, but I've bred a pair of carpets, and it was profitable.
I bought a breeding pair of Darwin carpets for $1k... They cost me about $100 per year in heating, and roughly $150 in food. The female smashes out 20+ clutches, with near perfect hatch rate... so the clutch is good for about $2k per year (a nice little post-Xmas cash injection:))... so even in the first year, after making back the cost of the animals, I still made money - it isn't rocket science.

And to be incredibly blunt (and those who get their back up are just being over-sensitive) truly 'large scale' breeders who don't make good profits, are not making good choices - plain and simple! If you're smart about how you cost-effectively provide heat, smart about how you cost-effectively provide food, and smart about which animals you initially purchase (must choose quality over quantity - and selectively breed the better animals) you WILL make money.

Again... just amazed at how often this is discussed! :)
 
Everyone is in this hobby for different reasons......... the ones that are here for the money will eventually fade out as people get sick of there crap....

Cheers
 
BINGO...that's the answer i would have said it seen th thread earlier and agree 100%.....Get a day job, there's more money in that....plus the benefits, annual leave, sick days, super...lol
People will set up Businesses like the Pails. URS etc, but someone has to do it and who really cares?? they cater for the market and good luck to them! What I feel is MUCH more commendable is the people like the ones (Baden included) and there are quite a few on these sites, that have dedicated years of their lives to working with different traits...now that's dedication that I admire and respect. I am too impatient and buy the best off these guys and am happy to do so....so I can make millions of dollars and retire next year..:rolleyes::D Man, all the best to the little guys like what this thread was about as they are the future of the hobby! Cheers.....:D

To all the knockers out there who believe some breeders are in it just for the money and make big dollars out of breeding. I challenge you to work out a realistic business plan to set up and run your own big dollars reptile breeding venture. Include a variety of species and locale specific animals or morphs in your breeding business plan.

Then go to the website of any of the local investment companies/banks and use their online investment calculators.

Add up your full set up cost include (animals, additional animals for genetic diversity, enclosures, incubator, hatchling housing, food storage / feeder food / food breeding set-ups, heating, lighting and anything else needed to set-up) and use this as your initial investment amount figure for the calculator.

Then add up ongoing costs such as buying food or the maintaining of your feeder food colony, electricity, bedding/substrate, consumable items such as heat globes, vetinary/husbandry costs, maintenance of equipment, any other sundry costs, your labour cost including ongoing administration and running around (the realistic labour cost would be what someone would have to pay an adult were employed doing it for them).
Calculate this as a weekly or fortnightly amount then use this amount as an equivalent ongoing deposit into the previously mentioned investment calculator.

I think you will find reptile breeding would come in second place in the money making stakes everytime when the same amount of initial investment and ongoing cost is fully accounted for.

And this is pretty much proven as very few people are able to make enough money from breeding reptiles to make a full time living out of it.

Octane

BTW...I also think that the most of us are only in it for the love as well....as why would you keep a animal that a massive %age of the population despise???? lol I know my loved ones and friends think i'm a nutter!!! As we all agree, they are a beautiful and fascinating animal and WILL always be a big part of mine and my kids life....lets leave it at that!
 
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speaking about making money, I'd certainly love a dollar everytime solar17[baden] used [brackets]...

just my 2cents worth
 
a hell of a lot of narcs, what is wrong with making money?????

the lack of money is the root of all evil.
 
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