You may not think you are running a business from your hobby or ‘side hustle’ activities. However, if you start to earn money from doing these activities regularly, you may be carrying on a business without realising it.
Generally, carrying on a business involves ongoing and repeated activities with the intention of making a profit. These activities can include:
- regularly providing goods or services;
- obtaining and maintaining any necessary licences or permits; and/or
- keeping records of their work.
However, your activities may indicate that you are not operating a business where:
- transactions are one-off;
- you do not intend to make a profit; and/or
- you work solely as an employee rather than independently.
Please keep us informed of all your income-earning and side hustle activities so we can help with this distinction.
Note: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
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