Access your income statement
You will receive either an income statement via myGov or a payment summary from your employer depending on how
You may be unsure whether you’re in business, or your activity is just a hobby. A hobby is a spare-time activity or pastime pursued for pleasure or recreation. Unlike a hobby, a business is run with the intention of making a profit and has basic reporting requirements, such as declaring income and claiming expenses. It’s important to know the difference between a hobby and a business.
There is no single rule that determines if you’re in business, but below are indicators that you may be.
- You’ve made a decision to start a business and have done something about it, such as registered a business name or got an ABN.
- You intend to make a profit or genuinely believe you’ll make a profit from the activity, even if you’re unlikely to do so in the short term.
- You repeat similar types of activities.
- The size or scale of your activity is consistent with other businesses in your industry.
- Your activity is planned, organised and carried out in a businesslike manner.
Source: https://www.ato.gov.au/Business/Starting-your-own-business/Business-or-hobby-/
