Are you carrying on a business?
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It is important to understand whether you are in a business for tax & other purposes or is it just a hobby?
The following are some factors to consider whether you are in a business:
- Business registration
- Profit making intention
- Repetition
- Size / scale of the operation
- Planning / organisation
There is no dollar threshold for classification of a business, it can present simply as a very expensive hobby.
When you have determined that you are in a business, we can help you with your business tax obligations such as:
- Setting up structures
- Business registration
- Lodging annual tax returns, etc
For further information or discussion, please contact our office.