Luke Chemies

Probably not if we're realistic.

But to kind of think that you can get away with shit is a little bit naive in this country because the IRD do have strong powers.

And we leave trails behind all the time with what we are doing.

So if you've got multiple sales happening on Trade Me, for instance, with a repeat history, you'd probably struggle to tell the IRD, like my mate with the letter, like, nah, nah, nah, it was just a hobby.

So therefore, he had to go back and tidy up those tax returns sales that he did, less the expenses, so he was buying some things, and then on selling them and making a margin.

So sales less the expenses equals his profit, update the tax returns for the hobby, which is not really a hobby, it's a business, and then tax to pay.

So whilst we're here, remember, GST is different again.

Because I've had people say, you only have to worry about taxes and stuff once you do 10 grand worth of sales.

I'm like, where did that come from?

Oh, I don't know.

Barry down the boozer told me.

Barry is a group one, fuck, what, sorry.

He doesn't know.

No, no, I got told that it was 60,000.

People confuse GST rules.

So in New Zealand, if you're paying GST on something, there's a high chance that that business that's charging you the GST is selling products and services over the value of $60,000.

So if I go out on my own and start my accounting business and I do about 50 grand worth of work for the year, technically I don't need to be GST registered.

that once I go past $60,000 in a 12-month period, in a 12-month period, very clear rules there, not just from January to December, it's are you expected to do over $60,000 in a 12-month period?

If yes, then you probably need to be GST registered.

So let's say I do some accounting work and it's 50 grand worth, I don't need to be GST registered.