A one-off Income over $20000 - Do I need an ABN?

2 posts

Member for

5 years 3 months
Last seen: 03/09/2014 - 10:16
Joined: 03/09/2014 - 09:55

A one-off Income over $20000 - Do I need an ABN?

Last year we purchased a hobby farm. When we purchased the property, there were 20 head of cattle already on the property and the vendor gave us the option of purchasing these cattle aswell. So we purchased the 20 head and we have just recently sent 7 of these to the meatworks (March 2014). The payment we received from these was approx $8250. We are sending the remaining 13 cattle to the same meatworks at the end of this month (keeping in mind that some of these remaining cattle aren't as big as those sent in the first lot). There is a possiblity that our sales might exceed $20000 for this financial year (these two sales are the only sales we are going to make for this financial year) and certainly don't believe we will be making sales of anywhere near $20000 per year in the next few years to come.

Because our sales might exceed the $20000 (but only just) for this financial year and because we see this as a 'one-off', are we still classed as a hobby farm? Do we need to get an ABN?

Thank you for your help on this one, we are a little confused.

Last seen: 12/26/2018 - 09:21
Joined: 05/31/2011 - 09:44

Hi LittlaBeauty,

My understanding of the law is that if your turnover is above $20,000 per year and you don't have an ABN or quote it on invoices a supplier can withhold 46.5% of the sale. 

Registering for GST is compulsary until your turnover is greater than $75,000 per year. 

Do you have an accountant, you should probably run the scenario past them as it may be different if you are only going to reach the $20k this year and not in future years?

I will do a little more digging myself as I'm sure others out there would appreciate an accurate response.

Regards,

Charlie

New Forum Topics

Topic Replies Last post Forum
5738 Hello! 50 Acres on the South Coast NSW
by Lilly on Sun, 06/23/2019 - 16:00
0
by Lilly
Sun, 06/23/2019 - 16:00
New Members
5736 New Member - Northern Rivers NSW
by ashcow on Thu, 06/20/2019 - 14:15
1
by admin
Sun, 06/23/2019 - 15:32
New Members
5735 Ration Feeding Beef Cattle
by Urchy87 on Tue, 06/18/2019 - 19:28
2
by Urchy87
Thu, 06/20/2019 - 17:16
General Forum
5734 Just bought our first block of land, hello!
by too-many-boys-and-me on Mon, 06/17/2019 - 15:20
1
by admin
Thu, 06/20/2019 - 14:25
New Members
5503 Agistment gone bad!
by frontess on Mon, 04/01/2019 - 21:35
6
by amen423
Thu, 06/20/2019 - 07:45
General Forum
2999 Dexter Cattle or Small Breed/Miniature Cattle Breeders in CQ
by landk2016 on Wed, 07/20/2016 - 08:25
5
by admin
Wed, 06/19/2019 - 22:39
General Forum
5522 Total newbies on 8 acres Vic
by shelle on Thu, 04/11/2019 - 10:56
4
by Albertgotdonkey
Thu, 06/13/2019 - 12:08
New Members
5733 serrated tussock
by Robdog on Sun, 06/09/2019 - 13:33
2
by rolly @ fi
Thu, 06/13/2019 - 10:11
Weeds & pests
2644 Cattle branding - fire v electric
by Comraich on Mon, 11/02/2015 - 14:33
7
by sallyero62
Tue, 06/11/2019 - 15:13
Farming Help
3316 Atherton Tablelands Queensland
by Benfairley on Mon, 01/22/2018 - 17:08
3
by sallyero62
Tue, 06/11/2019 - 15:05
New Members
5684 What do I do with 20 acres of grapes?
by Phil on Thu, 05/23/2019 - 19:20
3
by sallyero62
Tue, 06/11/2019 - 14:51
New Members
3130 How to farm with sheep....
by mandys76 on Tue, 12/20/2016 - 14:02
3
by sallyero62
Tue, 06/11/2019 - 14:32
New Members
5689 Vaccination of weaner cattle
by FDE on Tue, 05/28/2019 - 06:12
2
by FDE
Fri, 05/31/2019 - 13:13
Farming Help
5611 lantana and land clearing
by samsmith on Tue, 05/07/2019 - 17:21
3
by samsmith
Tue, 05/28/2019 - 20:08
Farming Help
3148 Wiltipol Sheep and Boran Cattle
by chisel on Sun, 01/22/2017 - 19:07
6
by Brownscows
Sun, 05/26/2019 - 07:19
New Members
5520 Assignment help
by AJD on Mon, 04/08/2019 - 13:22
1
by Phil
Thu, 05/23/2019 - 19:37
General Forum
5544 Petrol supply carburettor Massey Ferguson 35 Petrol
by Scarydingo on Sun, 04/28/2019 - 16:09
1
by Phil
Thu, 05/23/2019 - 19:10
Machinery & products
5670 New member - Brisbane - looking for agistment for cattle
by [email protected] on Fri, 05/10/2019 - 18:22
1
by admin
Wed, 05/15/2019 - 14:39
New Members
5466 How to Become Classified as A Primary Producer/Alpacas
by Char on Fri, 02/01/2019 - 11:04
2
by AmarooFarm
Tue, 05/14/2019 - 10:45
Farm planning
5673 Goat Worming
by Brettgarland on Sat, 05/11/2019 - 17:06
1
by barb
Mon, 05/13/2019 - 17:05
Farming Help

Our Sponsors

Our Partners