4 February 2023
The ATO has released its new year resolutions…and there is not a gym in sight! According to the ATO the five new year’s resolutions to keep if you want to stay on top of your tax and super in 2023 are:
- Know if you’re in business or not
Are you earning an increasing income from a side-hustle?
If you answer yes to a few of the following questions, the more likely it is your activities are a business:
- Do you intend to be in business?
- Do you intend and have a prospect of making a profit from your activities?
- Is the size or scale of your activity sufficient to make a profit?
- Are your activities repeated and continuous?
- Are your activities planned, organized, and carried out in a business-like manner? For example, do you:
- keep business records and have a separate business bank account?
- advertise and sell your goods and services to the public, rather than just to family or friends?
- operate from business premises?
- maintain required licences or qualifications?
- have a formal business plan or budget?
- have a business name or an ABN?
We can help you make this call as to whether your side-hustle may be a business.