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Hi All

Discussion in 'Introductions' started by Ricky, Jul 5, 2016.

  1. Ricky

    Ricky Membership: Community

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    I've basically just joined up so I could ask fellow Aussie domainers and developers about taxation in Australia in regards to domain investing and flipping sites on Flippa. I tried to search buy nothing came up for me. If there is an existing thread please let me know. I will post another dedicated thread

    I've only been domaining for about a year now. I bought my first domain a couple years ago for an events directory I wanted to build. At that point I had no idea domaining was a thing and bought an atrocious .info. Later I upgraded to a .events. I continued to build up the site and get a little traffic going. Meanwhile I learnt more about the domain market and sold that site for a couple grand since it wasn't really worth my time.

    My day job is as an SAP developer but I continue to try and buy and sell domains for a few extra bucks. I have made a few sales but reckon I have probably just broken even with stupid buys, fees and time wasted. I hope to keep growing my skills to become a successful domainer.

    I think this site will be a great tool since I wouldn't mind getting an ABN and investing in some .com.au domains. Also it would be great to make some connections. I live just outside Brissy.
     
    chris and Scott7 like this.
  2. Suzabro

    Suzabro Administrator

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    Welcome Ricky :)
     
  3. DomainNames

    DomainNames Membership: Community

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    Welcome, my main advice is pay more for the .com or .com.au names when you can and forget others. Stick to 1 or 2 words and no hyphens. As for Tax speak to the ATO directly on their free phone help line or an accountant.
     
    Scott7 likes this.
  4. Scott7

    Scott7 Membership: Trader

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    auDA Member:
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    Welcome to DNTrade Ricky.
     
  5. DnEbook

    DnEbook Membership: VIP

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    Howdy Ricky ......enjoy
     
  6. Ricky

    Ricky Membership: Community

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    Thanks. Yup my portfolio is mainly .coms now. Luckily I didn't sink too much cash into trash before wising up.
     
  7. Shane

    Shane Membership: VIP

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    auDA Member:
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    Welcome Ricky. Good to have another Brisbane member.

    As for the tax man, it's really no different to any other business. Whether or not you need to start declaring the income depends on whether your activities are classed as a hobby or a business.

    Check this link for more: https://www.ato.gov.au/business/starting-your-own-business/business-or-hobby-/

    But don't take my word for it. Speak with an accountant or the ATO as mentioned above.

    Enjoy. :)
     
    chris and DomainNames like this.
  8. chris

    chris Administrator

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    Hi @Ricky, welcome to DNTrade :)