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

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Member for

6 years 7 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

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