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Post by biscuit on Sept 20, 2017 7:35:15 GMT 7
Hi Guys,
I'm really into things like sewing, jewellery making, and painting. I would love to sell things I make on Etsy or Ebay. I dont understand how this would work though considering the DSP.
I have read about hobbies vs businesses for tax purposes, but what I dont understand is this:
Say it takes me a few hours and $15 in materials to make something, and I want to sell it for $30. Would centrelink or the ATO see the $15 I would make as a profit considering it took me a few hours to make?
If that is seen as a profit, would I then have to become a business or sole trader? Or can I make money and report it to the ATO without being a business/sole trader?
How would centrelink react to this considering its not a job? Or is it?
It would also be fun for me to put videos on YouTube or to write a blog or something. But again, I'm too scared to because I might make a small amount of money.
Does anyone have experience with this?
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Post by Banjo on Sept 20, 2017 7:41:06 GMT 7
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Post by biscuit on Sept 20, 2017 8:27:33 GMT 7
The problem is centrelink requires your employers name and ABN whenever you report earnings. I have seen old posts from people on other sites saying that centrelink will make you get an ABN and get you to send in a profit & loss statement every 3 months if you earn money online, but this doesnt make sense to me.
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Post by nomadic on Sept 20, 2017 19:19:28 GMT 7
I was told many years ago that I could make up to $5,000.00 a year before my pension was affected. maybe even more these days. Personally i wouldn't declare anything under what ever amount it is today but maybe you are expected to. Give them a call. There was also a scheme 20 years ago called NEIS for those getting welfare and wanting to start a business. Could well be worth inquiring about also if it still exists.
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Post by Banjo on Sept 21, 2017 6:47:45 GMT 7
biscuit, a few years back I used to make several hundred dollars a year doing online surveys, I never bothered reporting this.
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Post by nomadic on Sept 21, 2017 7:20:56 GMT 7
you'll get a robo debt letter soon banjo or i will make an anonymous call to them. but you can claim tax deduction on coffee for others. When bear arrives and i get back it should cancel out so don't stress. no, no credit in phone so wont call them either. So go back to bed and relax as i'm about to do after my first Nescafe.
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Deleted
Deleted Member
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Post by Deleted on Sept 21, 2017 8:36:10 GMT 7
Ebay may be asked to supply information on people who sell on Ebay You are able to earn if my memorie is correct A65 per fortnight before it effects you fortnight payment Maybe if you Google instead of ringing Centrelink you may find this information
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Post by Banjo on Sept 21, 2017 9:12:54 GMT 7
you'll get a robo debt letter soon banjo or i will make an anonymous call to them. but you can claim tax deduction on coffee for others. When bear arrives and i get back it should cancel out so don't stress. no, no credit in phone so wont call them either. So go back to bed and relax as i'm about to do after my first Nescafe. I'd drink tea before I drank Nescafe, even Liptons teabags. Get yourself a little cheap dripolater and go down the street and buy some real coffee.
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Post by tasjo on Sept 21, 2017 18:05:06 GMT 7
NEIS still exists... and also NILS loans for small business set up or growth.
I believe the allowed amount is about $100/$150 a week for singles before any loss of pension, then 40/50c per $.
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Post by nomadic on Sept 21, 2017 19:05:51 GMT 7
tell me more about nils please tasjo.
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Post by tasjo on Sept 21, 2017 19:19:36 GMT 7
Apparently NILS do a small business loan - or at least they do in tassie - it's very similar to the nils loans for white goods etc but can be up to $3000 and is repaid over 12 months. The documents say it can be used to either establish or grow an existing business but it seems to be a bit more difficult to have the required info when it is the latter.
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Post by tasjo on Sept 21, 2017 19:21:31 GMT 7
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Post by Denis-NFA on Sept 22, 2017 18:31:42 GMT 7
The problem is centrelink requires your employers name and ABN whenever you report earnings. I have seen old posts from people on other sites saying that centrelink will make you get an ABN and get you to send in a profit & loss statement every 3 months if you earn money online, but this doesnt make sense to me. biscuitIt used to be that you didn't need an ABN unless you grossed more than $50,000. No idea nowadays. I don't think there is a problem earning money over the internet just as long as you report it. Personally I would not wait 3 months but report it monthly. Don't forget that DSP is subject to a time limit ability to be able to work whether that be 0-2 per week or 15 hours or whatever. In other words if you are doing an internet job that would require some serious time then you will get 'pinged'. When I had my JCA to allow Unlimited Portability I said don't worry. If I can work out how to make money and shuck you folk you will be the first to know. And I would do that even when I have the OAP. I want nothing to do with them.
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Post by nomadic on Sept 23, 2017 6:49:08 GMT 7
hear hear denis
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Post by biscuit on Sept 28, 2017 8:03:55 GMT 7
Thanks for the info & ideas guys. I will do some more research
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