I bought my first domain last financial year and its now "tax return time" in Australia.
My domains are a combination of: (1) regged it for resale - rare, (2) regged it for development tomorrow; and (3) regged it for development once I've devloped the ones I was supposed to develop yesterday.
Anyway as I imagine most of you have, I have had a few offers and even sold one or two. Moreover a number of my domains will be developed this financial year and the reg fee bills will keep coming in (say $3000 per annum).
So I guess it has gone beyond a hobby and is now a business which means I should be having a chat to my accountant....which I did, but as it turns out my accountant doesn't seem to come across a lot of people who "invest" in domains for business purposes.
So, does anyone know how to treat domain name investments for tax purposes in Australia or in other countries. How has this effected your bottom line come tax deduction time?
My domains are a combination of: (1) regged it for resale - rare, (2) regged it for development tomorrow; and (3) regged it for development once I've devloped the ones I was supposed to develop yesterday.
Anyway as I imagine most of you have, I have had a few offers and even sold one or two. Moreover a number of my domains will be developed this financial year and the reg fee bills will keep coming in (say $3000 per annum).
So I guess it has gone beyond a hobby and is now a business which means I should be having a chat to my accountant....which I did, but as it turns out my accountant doesn't seem to come across a lot of people who "invest" in domains for business purposes.
So, does anyone know how to treat domain name investments for tax purposes in Australia or in other countries. How has this effected your bottom line come tax deduction time?
