Are you Trading or Investing ?, page-3

Many people have several jobs... so you can be both : -)




"business" includes any profession, trade, employment, vocation or calling, but does not include occupation as an employee.
Reference http://www6.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/antsasta1999402/s195.1.html#business




A sole trader is an individual running a business. It is the simplest and cheapest business structure.

If you operate your business as a sole trader, you are the only owner and you control and manage the business.

You are legally responsible for all aspects of the business. Debts and losses can't be shared with other individuals.

You can employ workers in your business, but you can’t employ yourself.

As a sole trader, you are responsible for paying your worker's super. You're also responsible for your own super and may choose to pay it into a fund for yourself to help save for your retirement.

Reference https://www.ato.gov.au/Business/Starting-your-own-business/Before-you-get-started/Choosing-your-business-structure/sole-trader/







NOTE enbolding & enlargement of second sentence made by myself:

The importance of an ABNAn Australian business number (ABN) makes it easier to keep track of business transactions for tax purposes.

It is compulsory for businesses with a GST turnover of $75,000 or more to have an ABN and to be registered for GST. Businesses with a GST turnover of less than $75,000 can still apply for an ABN and may choose to register for GST once they have an ABN.

You need to have an ABN and be registered for GST in order to claim GST credits for any GST you have paid for goods or services you have used in your business.

Reference https://www.ato.gov.au/Business/GST/In-detail/Your-industry/Scrap-metal/GST-and-scrap-metal--code-of-compliance/?page=2





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