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Luke Chemies

๐Ÿ‘ค Speaker
506 total appearances

Appearances Over Time

Podcast Appearances

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

You certainly can, Danny.

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

Next thing, Danny's getting one.

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

Jan comes right... No, I won't.

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

But the thing starts to snowball, right?

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

And what was once a hobby starts to become consistent sales, consistent income, and also many pieces of the puzzle should the IRD look and go, oh, hey, you were at markets selling, or you were on social media selling, you've got multiple posts doing it, and Fannie works at the IRD now too, and brought one of your candles into the bloody building.

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

So you probably do need to pay tax on the profits that you're making from your mocha bloody candles, mate.

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

Does that make sense?

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

Once it starts to become a bit more consistent,

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

the IID may have a right to say, hey, pay up.

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

And this is what happened with my mate where he was selling things on TradeMe.

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

And I think I did a MoneyMail ages ago where the IID went to TradeMe and I think TradeMe tried to say, nah, forget about it.

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

They were like, we want the sale data of various accounts.

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

And my mate got a letter from the IID saying, hey, we know that you're an active seller

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

on here and there's a lot of activity.

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

However, we don't see any self-employed income in your tax return.

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

Seems a bit strange.

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

And then the onus is on him.

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

Is he going to then go, oh, okay, here's the profits that I made for each of these years.

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

And this is

Keep The Change
MM 313 - Do You Have To Pay Tax On A 'Hobby'?

what the correct thing to do is, go back and correct those tax returns and pay the tax on it.