I started an ebay business a few months ago expecting to make about $100 a month in profit and I wasn't going to bother setting up a legit business, ie do taxes on it because I thought it would be about $20 a week. Now I am finding I'm making about $100 a week in profit.
My question is, even making this small amount, I'm still below the threshold and won't need to pay tax as my income is so low. If I want to put this on my tax form, I have to get an Australian Business Number and do quarterly forms (I think, etc) and keep records and it is all such a bother. Will the tax department be alerted if I do nothing and just keep making money on ebay? Or should I go to the extra trouble of setting up an ABN etc...? thx in advance for your help.
Also, a lot of people sell stacks of personal stuff on ebay...when does it become a "business" ...at what volume does it become a business b/c most of us sell stuff on ebay anyway?
My question is, even making this small amount, I'm still below the threshold and won't need to pay tax as my income is so low. If I want to put this on my tax form, I have to get an Australian Business Number and do quarterly forms (I think, etc) and keep records and it is all such a bother. Will the tax department be alerted if I do nothing and just keep making money on ebay? Or should I go to the extra trouble of setting up an ABN etc...? thx in advance for your help.
Also, a lot of people sell stacks of personal stuff on ebay...when does it become a "business" ...at what volume does it become a business b/c most of us sell stuff on ebay anyway?