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

2 posts

Member for

5 years 10 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
5673 Goat Worming
by Brettgarland on Sat, 05/11/2019 - 17:06
9
by rocket
Sun, 01/12/2020 - 10:57
Farming Help
3822 goats
by matthew10goats on Thu, 08/09/2018 - 21:05
4
by admin
Fri, 01/03/2020 - 14:32
Farming Help
5918 Hello from a new member and slashing grass
by HarmonFarmin on Wed, 12/18/2019 - 15:58
1
by admin
Thu, 12/19/2019 - 12:37
Farming Help
5909 New to all of this. Improving my posture for Alpacas.
by Gingerbread Man on Sun, 12/08/2019 - 11:17
4
by Gingerbread Man
Fri, 12/13/2019 - 19:19
Pastures & Crops
5908 Adding cameras to tracotrs
by IHeartRobots on Fri, 12/06/2019 - 08:20
1
by admin
Fri, 12/13/2019 - 11:55
Farm software
5914 Oil Level in A NH Roller Bar Hay Rake
by Clydie on Tue, 12/10/2019 - 19:19
1
by admin
Thu, 12/12/2019 - 10:44
Machinery & products
5757 Nigerian Dwarf Goats
by gem7680 on Wed, 07/03/2019 - 17:28
3
by First Fleet
Wed, 12/04/2019 - 11:39
Goats
5905 GST on agistment lease
by Louise2507 on Mon, 12/02/2019 - 09:59
2
by Louise2507
Mon, 12/02/2019 - 12:49
General Forum
5466 How to Become Classified as A Primary Producer/Alpacas
by Char on Fri, 02/01/2019 - 11:04
3
by thomen
Mon, 12/02/2019 - 10:40
Farm planning
5453 Pasture Improvement Costs
by @Nick on Mon, 01/14/2019 - 19:44
4
by admin
Fri, 11/29/2019 - 17:28
Farming Help
5903 Setting up Cattle scales load bars
by bigdave06 on Wed, 11/27/2019 - 13:43
0
by bigdave06
Wed, 11/27/2019 - 13:43
General Forum
5894 Soil aeration
by Albertgotdonkey on Fri, 11/08/2019 - 08:16
4
by Albertgotdonkey
Tue, 11/19/2019 - 17:33
General Forum
3032 Selling meat off farm that is slaughtered by a registered abattoir
by Dominiquet on Sun, 08/14/2016 - 17:38
5
by admin
Mon, 11/18/2019 - 11:13
Farming Help
5855 sheep and goats
by mick650 on Mon, 09/09/2019 - 20:06
3
by ploist125
Thu, 11/14/2019 - 06:11
General Forum
5891 Growing/cutting hay
by megssss on Wed, 11/06/2019 - 11:14
3
by admin
Wed, 11/13/2019 - 10:58
Farming Help
5889 Please help with choice
by PeterHigg on Thu, 10/31/2019 - 22:59
3
by admin
Fri, 11/08/2019 - 12:46
Farm planning
5887 Sheep and Cattle Per Acre
by Jack Lambo on Tue, 10/29/2019 - 08:17
1
by admin
Thu, 10/31/2019 - 11:13
Pastures
3849 Paralysis Tick Prevention - sheep/lamb
by BecS on Sat, 09/22/2018 - 07:00
3
by AuroraDaniels
Wed, 10/23/2019 - 18:04
General Forum
5870 Do lambs need to be treated prior to Consumption?
by Bushwick on Sun, 10/06/2019 - 22:15
4
by admin
Mon, 10/21/2019 - 11:17
Sheep
2899 Chamberlain Countryman 354 Parking Brake
by countryman on Sat, 05/07/2016 - 12:33
1
by Peter Holmes
Sat, 10/19/2019 - 10:28
Farming Help

Our Sponsors

Our Partners