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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'?

He's like, yeah, okay, great.

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

I've corrected my tax returns.

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

It's triggered some tax.

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

I'll pay the tax.

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

So the worst position I think to get into is you're listening to this and you are running a business.

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

You're calling it a hobby.

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

You're ignoring the tax.

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

You're going, oh, shit, they'll never know.

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

that's when it can get a bit tricky because you just don't know, should the IARD find a way to go, hey, we want to know about this.

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

I've spoken about this before.

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

I probably couldn't see them doing this because imagine doing this, they would get so much blowback.

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

Imagine, you know, hey, the IRD have gone out to 400,000 Airbnb users in the country and said, hey, we want to know what profits you've had from Airbnb-ing out your properties over the last four years if you haven't declared anything.

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

Now's your chance.

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

People are like, oh, they're always screwing the little guy.

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

But, you know, they can and do have the powers to do that.

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

And also, I think many people have said to me now, you have to provide your IRD number, I think, as part of Airbnb.

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

I don't know.

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

I've never done it before.

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

But the IRD have pretty wide and sweeping powers.

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

Are you going to be the focus of their reviews?