Do you share a service that sometimes makes you a little bit of cash ‘on the side’? Maybe dog walking, graphic designing or even renting our a spare room for extra cash?
When does this service become taxable? Or can it stay in the hobby category?
If you are unsure about what is an income from that ATO’s point of view, please give us a call and we will clarify the situation for you. Please be vigilant when declaring all of your income as the ATO are increasing the number of random audits this year.
As always, if you do have any questions, call us at TaxArana on 3351 6111.
In the meantime – check out what the ATO has to say about this.