new Stradics XG x4 and 8 x spools of braid for sale

[smile0784]

Dont you have to have a income to be a business?

[4liters]

From what I've read you only need to 'intend' to earn an income. Obviously actually making money makes it more likely that the ATO will decide that you have a business though. There'd have to be plenty of start-ups who don't earn a cent in their first few years of existence who would still claim business expenses for stuff like computers and phones.

The challenge would be making it look like you are intending to make a profit, so keeping records and buying a few ads and maybe getting your mates to pay you for a couple of trips would be necessary. I don't know if it would actually be worthwhile going to all that effort for a tax deduction though.

[Boonanza]

From what I've read you only need to 'intend' to earn an income. Obviously actually making money makes it more likely that the ATO will decide that you have a business though. There'd have to be plenty of start-ups who don't earn a cent in their first few years of existence who would still claim business expenses for stuff like computers and phones.

The challenge would be making it look like you are intending to make a profit, so keeping records and buying a few ads and maybe getting your mates to pay you for a couple of trips would be necessary. I don't know if it would actually be worthwhile going to all that effort for a tax deduction though.

:rofl:

[Scraglor]

From what I've read you only need to 'intend' to earn an income. Obviously actually making money makes it more likely that the ATO will decide that you have a business though. There'd have to be plenty of start-ups who don't earn a cent in their first few years of existence who would still claim business expenses for stuff like computers and phones.

The challenge would be making it look like you are intending to make a profit, so keeping records and buying a few ads and maybe getting your mates to pay you for a couple of trips would be necessary. I don't know if it would actually be worthwhile going to all that effort for a tax deduction though.

:rofl:

He is actually right, the "intent test" is what the ATO will go by. ie: if they think you are breeding dogs, or you sell widgets at a sunday market, if they see you as doing it with the intention of making income on a regular/semi regular basis, they will deem it asessable income, and it fall under a buisness practice, and you will be required to pay tax on the income. I guess the main thing is if you are claiming it on tax, you will also need to keep accurate records and pay tax on any income. You cant claim tax deductions, and not pay tax on the income, it just doesnt work that way, so you will need records.

Obviously not financial advice, but I did do an accounting major back in the day, its a bit sketchy now tho, I blame all the diet cokes.

[frozenpod]

Should have went with the full strength and it wouldn't be sketchy.

Back to the sale, you have PM.

[VooDoo]

My apologies for partly hijacking your thread Smile0784.

Good luck with the sale of the stradics and braids - my kind of reels but have too many in the arsenal already with little time to wet a line ... still have not even tested out the one I took off Broomstick to see if it is as useful at catching fishes as it was in his hand!!! Even got a couple of Abu revo s baitcasters on its way from the USA atm.

[Lightningx]

Some nice reels there for sale! Good luck mate

[CrazyChenski]

Correct when come to "intend". HOWEVER, your business expense cannot be used to deduct your person income, it is only allow to deduct towards your business.
But you can offset your business loses towards to your personal income, BUT it must met strict rules:

https://www.ato.gov.au/Business/Income- ... er-income/