When does a hobby become a business? -

I am in the final stages of getting a business plan off the ground, and hope in the next few weeks to start producing a product to sell in my spare time. I have invested my own money, and don t expect much return very quickly. I am still going to work full time until slowly i can afford to drop a day if my business picks up. I am going to be working out of my friends shed, and marketing through ebay to start off. I have been advised that it should just be a hobby at first. My question is, do i need to register my business with anyone yet, does that make me self employed ? basically when does a hobby officially become a business? I want to avoid getting in trouble.

When you can earn an income from it.

You would need to apply for an ABN no. to register a business name. I don t believe this is expensive - just a formality. I would visit an accountant to get some advice to set up some basic bookwork. I don t think anything would be required until you actually start selling goods - Just keep all your receipts till then. Ps. Good luck!

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