Luke Chemies

I wouldn't say, oh, I'm not in business because I don't have a company.

I'll still have a business.

The business is speaking.

I'm generating income.

I've got to pay tax on those profits.

So don't fall into that trap too.

I don't have a company, therefore I don't have a business.

Second trap, I don't do over $60,000 worth of sales, therefore I don't have a business.

GST rules are completely separate from income tax rules.

Now, with all of this said, I don't want to put you off making a bit of extra cheddar, okay?

But we are all obligated to play by the rules.

And I'm just trying to educate you a little bit as to how some of this stuff works and a lot of us don't get taught about it.

So the final question, if you're still tuning in, learning about this and thinking, okay, does this apply to me?

Have a think about this and be careful where you document this.

Are you trying to make money?

Are you doing that consistently?

And are you trying to improve that over time?

If yes, you're probably already in business because you've got an intention there to make money.

You're doing it consistently and you're improving it over time.

You're probably in business and need to be paying tax on the profits, not the sales, the profits.