this is brilliant! thank you @grazz for pointing me to this article.
@aghunter I was cheering for a while there with the whole personal use thing then you said I had to use crypto. my heart dropped.
we're waiting for our accountant to come back from holidays to get advice. cross fingers it's not too bad.
if my Steemit earnings are assigned as an income and I don't work, making this now my "work" would I fall under the exempt amount? or because I have an abn would I need to do my bas?
sigh
can't wait for the rest of the series. thank you both for taking the time and effort to write this.
Hi @bearone
Thanks for the compliment.
I think your question is partially answered above in my response to @orenshani7. Once you introduce ABN's and the concept of running a business into the mix, it gets really complicated. The ATO guidance talks about "running a business" but it seems to refer more to "running a business" in an investment sense rather than running a business in a traditional sense, where you produce something and get paid for it. I have to admit that I am stretching my knowledge a little at this point so cant provide a really confident opinion one way or another. I would be very interested to hear your accountants thoughts thought once you have spoken to them. A lot of this is down to interpretation so different people will have different ways to interpret it. In the absence of firm guidance from the ATO I think the best bet at this stage is to apply the "reasonable person test" as I mentioned to @holor0z in response to his comment.