Mr Tax Man

[Justdragons]

Hey all,
I'm not in this position atm but in years to come i will be looking to breed reptiles and just had a few questions relating to tax.

How much can you make out of reptiles before the tax man needs to know?

How much before you need an abn?

Is it always considered a hobby? or a hobby business?

Im not in this for the money, i love reptiles but i spend a whole bunch of my cesh on this so to make a little back would be good. As far as the government is concerned they know all of my comings and goings because i keep good records. any help would be good guys.

Cheers Toby,

 

[Bez84]

I vaguely remember reading that the threshold for a tax-free hobby was $10,000.
In which the money you earned wasnt your soul source of income and was to generally cover your costs of the hobby..
But has been a while since ive looked into it or made enough cash to bother lol..
Id be interested in what the big breeders have to say on the matter...

 

[Notorious_Guf]

In theory, the tax man should know about all moneys coming in. Whether it is then taken into consideration for tax is another matter. The best person to speak to would be a tax accountant, they will know the exact information you require.

 

[kitten_pheonix]

Is it a business or a hobby? Its from the tax website and might help you out

 

[abnrmal91]

Breeding reptiles is no longer a money making adventure as such. The price of everything is coming down dramatically. Unless you have a crazy morph or albino something you won't get much. Even then the price will only stay high until more are breeding. That said you will receive money for your snakes but if you where to look at it in detail unless you have a commercial setup you will probably only just be ahead when you consider all the other cost of keeping reptiles.

It's a hobby don't tell the tax office anything.

 

[moosenoose]

Probably explains why a lot of people get raided. It's probably the ATO endorsing the raids instead of the DSE etc - the DSE are probably just the grunts of the ATO doing their dirty groundwork :lol: They aren't interested in the snakes etc. They just want their taxes

 

[Justdragons]

Breeding reptiles is no longer a money making adventure as such. The price of everything is coming down dramatically. Unless you have a crazy morph or albino something you won't get much. Even then the price will only stay high until more are breeding. That said you will receive money for your snakes but if you where to look at it in detail unless you have a commercial setup you will probably only just be ahead when you consider all the other cost of keeping reptiles.

It's a hobby don't tell the tax office anything.

i figured as much lol i dont imagine ill ever be big like snake ranch or anything like that but id like to think i have as much chance as anyone to come across some silk backs or leather backs one day and it might be relevant. cheers for the replys

Probably explains why a lot of people get raided. It's probably the ATO endorsing the raids instead of the DSE etc - the DSE are probably just the grunts of the ATO doing their dirty groundwork :lol: They aren't interested in the snakes etc. They just want their taxes

lol not taking the piss but that sounds like hyde out of that 70s show..

Is it a business or a hobby? Its from the tax website and might help you out

cheers ill have a looksie

 

[No-two]

There is no threshold for a hobby. Its more about your actions.