2 February 2018
If you sell products or services without intending to make a profit, your activity may be a hobby rather than a business.
It’s likely you’re not in business if your activities are:
If your activities are a hobby, you can't claim GST credits on your purchases and should cancel your GST registration. You can only potentially claim GST credits for items you purchase that help you conduct a business.
If you’ve made any GST claims for your hobby, we can help you amend your past activity statements.
To discuss your circumstances, phone us on 13 72 26.
Remember, registered tax agents and BAS agents can help you with tax advice.
Media: Are you in business?: Tax basics for small businesshttp://tv.ato.gov.au/ato-tv/media?v=bd1bdiubfurqipExternal Link (Duration: 3:19)
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