Now, there will be an accountant or tax knowledgeable person out there, so answer me this.
If I allow ads on my blog, that means it then becomes a money making blog, a business. I would then need to do the paperwork to make it into a business.
I will pay high tax on any profit (haha) as it my third source of income, but can't I offset any losses incurred in producing my blog against my tax payable, or is that only for shares and property?
What expenses? Well, I need to produce content. I need televisions, sound recording, travel, that is local, interstate and international. I need an office, computer equipment, heating, lighting.
Clearly I am going to make a big loss and with horrendous depreciation, offset against my taxable income.
So what am I missing?
Clearly I won't do this. My blog is for fun, not to make money from, but just curious.