Rough Scaled Pythons anybody?
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fly2high
Active Member
Hi all I know that if you are a bird breeder you are can sell upto $ 50 k per year tax free and the way ATO can find out is when you sell birds to bird shops they normally would ask you to fill in a form with your details, number of birds and species and total value which than goes to them at tax returns.
And I was told after $50k you will have to pay tax.
that was introduced after GST came about.
I believe same would apply to reptiles but than again I might be wrong.
And I was told after $50k you will have to pay tax.
that was introduced after GST came about.
I believe same would apply to reptiles but than again I might be wrong.
hey_im_sam
Well-Known Member
RE: Re: RE: Rough Scaled Pythons anybody?
thanks for that Tim! that's what I was looking for...
So just to clarify, Legally after 20k you put any income in the 'other income' bracket. You then can claim ANY herp related purchases as tax deductions.
To put it in 'other income' then, you DONT need to officially have a buisness for it, and you can earn an unlimited amount in that aspect, taxed at the usual rates?
Correct me if I missed anything!
thanks heaps for the explanation, so many people say so many different things
thanks for that Tim! that's what I was looking for...
So just to clarify, Legally after 20k you put any income in the 'other income' bracket. You then can claim ANY herp related purchases as tax deductions.
To put it in 'other income' then, you DONT need to officially have a buisness for it, and you can earn an unlimited amount in that aspect, taxed at the usual rates?
Correct me if I missed anything!
thanks heaps for the explanation, so many people say so many different thingsRE: Re: RE: Rough Scaled Pythons anybody?
lol Ricko the thought did cross my mind unfortunately since I only work for the Accounting firm they'd still be the one doing the billing so it'd come out of my pay packet if i did that...but I could still have good influence over how much is billed...mates rates and all that
lol Ricko the thought did cross my mind
unfortunately since I only work for the Accounting firm they'd still be the one doing the billing so it'd come out of my pay packet if i did that...but I could still have good influence over how much is billed...mates rates and all that Re: RE: Re: RE: Rough Scaled Pythons anybody?
I haven't actually dealt with this situation before so I'm just stating what I imagine would happen, so dont kill me if I'm wrong as it's 10:20pm and I'm not at work so don't have any references with me to look up
But what you said is correct yes...if you declare any income you can claim any deduction relating to the earning of that income. You don't need to officially have a business at all no, just like if you earn Bank Interest or received Dividends you still put it in your return but you're not running a business out of it.
hey_im_sam said:thanks for that Tim! that's what I was looking for...
So just to clarify, Legally after 20k you put any income in the 'other income' bracket. You then can claim ANY herp related purchases as tax deductions.
To put it in 'other income' then, you DONT need to officially have a buisness for it, and you can earn an unlimited amount in that aspect, taxed at the usual rates?
Correct me if I missed anything!
I haven't actually dealt with this situation before so I'm just stating what I imagine would happen, so dont kill me if I'm wrong as it's 10:20pm and I'm not at work so don't have any references with me to look up
But what you said is correct yes...if you declare any income you can claim any deduction relating to the earning of that income. You don't need to officially have a business at all no, just like if you earn Bank Interest or received Dividends you still put it in your return but you're not running a business out of it.
womas4me
Very Well-Known Member
RE: Re: RE: Re: RE: Rough Scaled Pythons anybody?
I fail to see how a hobby earning over 20 k is not a business.
I fail to see how a hobby earning over 20 k is not a business.
RE: Re: RE: Re: RE: Rough Scaled Pythons anybody?
Ok well think of it this way....I'm (well im not but just say) a wealthy businessman who has bucketloads of cash...I pump $500,000 in to the stock market to play with as a hobby and make back 5% being $25,000...I'm not running a business, I'm having a bit of a punt - still have to declare it but can still claim stuff like if I subscribed to Rivkin's Report...
Maybe this should be out on a thread of its own...kind of deviating a bit from the thread topic
Ok well think of it this way....I'm (well im not but just say) a wealthy businessman who has bucketloads of cash...I pump $500,000 in to the stock market to play with as a hobby and make back 5% being $25,000...I'm not running a business, I'm having a bit of a punt - still have to declare it but can still claim stuff like if I subscribed to Rivkin's Report...
Maybe this should be out on a thread of its own...kind of deviating a bit from the thread topic
soulweaver
Very Well-Known Member
RE: Re: RE: Re: RE: Rough Scaled Pythons anybody?
Yeah, bring back the love ppl
Yeah, bring back the love ppl
RE: Re: RE: Re: RE: Rough Scaled Pythons anybody?
My tax accountant told me (for my birds) that I shouldn't start worrying about it until I was earning about $5,000 annually. Then he'd add it in, and I'd claim deductions on all sorts of related paraphernalia associated with birdkeeping.
Hix
Tim said:
My tax accountant told me (for my birds) that I shouldn't start worrying about it until I was earning about $5,000 annually. Then he'd add it in, and I'd claim deductions on all sorts of related paraphernalia associated with birdkeeping.
Hix
womas4me
Very Well-Known Member
RE: Re: RE: Re: RE: Rough Scaled Pythons anybody?
As a business you have to turn over more than 20k in a financial year to claim your losses in that year. If you earn under 20k you must roll over your losses until such time as you earn over 20k in one financial year. Unless you are a primary producer that is, then you must earn under 40k from other sources to be able to claim your losses from the primary production, or it is deamed a hobby.
As a business you have to turn over more than 20k in a financial year to claim your losses in that year. If you earn under 20k you must roll over your losses until such time as you earn over 20k in one financial year. Unless you are a primary producer that is, then you must earn under 40k from other sources to be able to claim your losses from the primary production, or it is deamed a hobby.
RE: Re: RE: Re: RE: Rough Scaled Pythons anybody?
Can i ask, are these snakes John personal snakes or did CALM let him take them as part of the Reptile Park. If they are part of the Reptile Park, isn't the Reptile Park a registered business and therefore there should be some form of tax on these animals then.
Can i ask, are these snakes John personal snakes or did CALM let him take them as part of the Reptile Park. If they are part of the Reptile Park, isn't the Reptile Park a registered business and therefore there should be some form of tax on these animals then.
G
Guest
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Re: RE: Re: RE: Re: RE: Rough Scaled Pythons anybody?
Hence the swaps he wants to do. I think Bigguy pointed that out earlier.
venom8 said:
Hence the swaps he wants to do. I think Bigguy pointed that out earlier.
hey_im_sam
Well-Known Member
RE: Re: RE: Re: RE: Re: RE: Rough Scaled Pythons anybody?
No, I'm fairly sure he had 2 privately held, though I'm not sure how he originally arranged this. These would be offspring of those, therefore private.
No, I'm fairly sure he had 2 privately held, though I'm not sure how he originally arranged this. These would be offspring of those, therefore private.
Trouser
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RE: Re: RE: Re: RE: Re: RE: Rough Scaled Pythons anybody?
Wouldn't it really suck working in a reptile park and scamming heaps of awesome reptiles off them?
And yeah..... I'll admit there's some sarcasm in my comment.
Pretty steep price though. Once there's heaps around are they really going to be worth much, people will only pay the big bucks now because they are rare. Not the most spectacular looking snake in my opinion.
Wouldn't it really suck working in a reptile park and scamming heaps of awesome reptiles off them?
And yeah..... I'll admit there's some sarcasm in my comment.
Pretty steep price though. Once there's heaps around are they really going to be worth much, people will only pay the big bucks now because they are rare. Not the most spectacular looking snake in my opinion.
RE: Re: RE: Re: RE: Re: RE: Rough Scaled Pythons anybody?
I wouldn't mind a couple but certainly wouldn't put them ahead of GTP by any means, they are quite ordinary looking and only really attract the attention they are because of their rarity.
I wouldn't mind a couple but certainly wouldn't put them ahead of GTP by any means, they are quite ordinary looking and only really attract the attention they are because of their rarity.
serpenttongue
Very Well-Known Member
RE: Re: RE: Re: RE: Re: RE: Rough Scaled Pythons anybody?
Ever since i first read about Rough scaled pythons in one of Graeme Gows books( Australian Snakes '93 edition) i've been in awe of them. They have a cool large round scale on top of their head and keeled scales. Awesome characteristics. John seems to have had great success breeding them and over time i would imagine them to be as easy to breed as other Morelia. Hopefully within the next decade hatchlings will filter down into alot of private collections and finally be available to us, however this could all be wishful thinking on my part.I believe Roughies are already in the USA. Wouldnt it be nice if, just for once we could excel in breeding a large captive population of Roughies over here instead of watching the Americans do it for us.
Ever since i first read about Rough scaled pythons in one of Graeme Gows books( Australian Snakes '93 edition) i've been in awe of them. They have a cool large round scale on top of their head and keeled scales. Awesome characteristics. John seems to have had great success breeding them and over time i would imagine them to be as easy to breed as other Morelia. Hopefully within the next decade hatchlings will filter down into alot of private collections and finally be available to us, however this could all be wishful thinking on my part.I believe Roughies are already in the USA. Wouldnt it be nice if, just for once we could excel in breeding a large captive population of Roughies over here instead of watching the Americans do it for us.
moosenoose
Legendary
Weird looking snakes!! Plain to initially look at in the images but...........I can't say I've really had a close look at them in any books or such! It looks as if they have the head shape eqivelant of some species of vipers! :shock: & from what I've seen the rows of needle long teeth possessed by GTP's!! Imagine coping a bite off one of those :lol: I can feel it now, but only in my imagination, my wallet, not to mention my wife has put an end to that! :lol: :wink:
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