Do I need to declare income from a hobby, casual holiday rental or the car I sold online?
When clients first come to us they can be surprised when we ask some pretty personal questions. For example, do you have a hobby or a holiday house? The reason we ask is
Example of third-party data sources |
Information provided |
Banks, financial institutions and investment bodies |
Investment income |
Employers |
Payments to employees and contractors |
State and territory motor vehicle registering bodies |
Motor vehicles sold, transferred or newly registered |
State and territory title offices and revenue agencies |
Sales and other transfers of real property |
Government bodies |
Pensions, benefits, rebates, taxable grants and other payments |
Australian Transaction Reports and Analysis Centre (AUSTRAC) and our international treaty partners |
Foreign source income |
Online selling platforms |
Quantity and value of online sales |
Sharing economy facilitators |
Payments to participants |
Financial institutions providing merchant facilities and administrators of specialised payment systems |
Electronic payments processed for business including total credit and debit card payments received |
Stock exchanges and share registries |
Share transactions |
Businesses in the building and construction industry |
Payments made for building and construction services |
Health insurers |
Confirmation of health insurance |
So if you happened to have “forgotten” to tell us about your hobby or holiday rental. Get in touch so we can provide advice on the tax implications of this income. In some cases, a hobby is a hobby, for example, if the materials cost you more than you make on Etsy. But be safe and not sorry, ask first, it’s easier than begging forgiveness from the ATO later.
In certain cases, we can also advise on how to use