Is it a business or a hobby?.
Decide if it will be a business or a hobby (yes, the ATO cares)! Businesses and hobbies have very different obligations for tax, insurance, licenses, permits, record keeping and reporting, so it’s important to understand this:
- A business is usually something you do to make a profit.
- A hobby is something you do for fun, although you might sell your work to cover your costs.
