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What is the difference between a hobby and a business?

What is the difference between a hobby and a business?

The easiest way to find out if you are running a business or a hobby is to ask yourself a few simple questions. Here’s a quick test:

  • Is the activity being undertaken for commercial reasons?
  • Do you have the purpose and prospect of making a profit?
  • Are you regularly and repetitively undertaking the activities?
  • Is your activity planned, organised and carried on in a business-like manner?

If you answer yes to more than two of these questions, it would be reasonable to assume that you are operating a business. If you are running a business it has some significant taxation implications. To find out more about the tax differences between a hobby and a business and the implications of each, visit the Australian Tax Office website.

 

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Bottrell Business Consultants Pty Ltd – Chartered Accountants and Business Advisors.

The Bottrell group incorporates Bottrell Business Consultants, Bottrell Accounting & Taxation, Maitland Accounting & Taxation, East Maitland Accounting Services and Mobile Bookkeeping & Recruitment.

Our group of businesses & links include the following companies (& our websites);-

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