Bleve said:
It's actually quite legit (for me to claim it, anyway). aboc
doesn't make a profit. Last year, or the year before, it ran at
quite a loss, but I'm doing it for love, not money. I fix computers
for money ....
NO NO NO You are not doing it for love, You are doing the aboc thing for money, as a business, to make money.
If you are doing it for love, it is not a business and the ATO will treat all your expensive bike purchases as a hobby and they will not be deductible.
There are lots of cases where people have gone into ventures such as setting up farms, or running other businesses in addition to having a 'day job' and the ATO has disallowed deductions on the business ventures.
So you are not doing it for love, I tell you. Recant. Recant. Before the ATO takes away all your toys.
SteveA
(On the other hand, if the ATO sees you are making money out of a hobby, they are likely to class it as a business and tax you)