answered
Q: I sold 1 product for $4
I have made $2 profit but I want to purchase more products with the $2 profit and original $4 = $6
Because I reinvested the money in the business do I have to declare any income to centerlink because in theory I now have $0 ?
Thank you in advance
Paul
A: SORRY forget the $6 it should just be $4
doh
question
Q: I sold 1 product for $4
I have made $2 profit but I want to purchase more products with the $2 profit and original $4 = $6
Because I reinvested the money in the business do I have to declare any income to centerlink because in theory I now have $0 ?
Thank you in advance
Paul
answered
Q: I would like to start a small online business I would like to know if this will affect our family benifit , a simple example.
I purchase a product for say $10 I then sell the item for $20 including free delivery which cost me $8 so I have only made $2 profit but I recieved $20 .
when I declare earned income to centerlink is it $20 or $2 ?
Regards
Paul
A: Thank so much I have one more question if I purchase more products to sell with the $2 do I still have to declare it as income
Thank you in advance
Paul
question
Q: I would like to start a small online business I would like to know if this will affect our family benifit , a simple example.
I purchase a product for say $10 I then sell the item for $20 including free delivery which cost me $8 so I have only made $2 profit but I recieved $20 .
when I declare earned income to centerlink is it $20 or $2 ?
Regards
Paul
