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Thread ID: 66280	2006-02-17 06:03:00	WFTWE #194....Quaestuary....This one's especially for Metla....	Billy T (70)	PC World Chat

Post ID	Timestamp	Content	User
431411	2006-02-17 06:03:00	Quaestuary A person in business for profit, or with profit as their main aim . You made the right decision Metla, if you are doing everything right and still not making an adequate profit, then there's little point in prolonging the agony . All the best for your next venture . Cheers Billy 8-{) Public Health Warning This word is just about as long in the tooth as pontify, so head straight for the Oxford online, the Collins English Gem Dictionary, or the Chambers and spare your blood pressure . :D	Billy T (70)
431412	2006-02-18 01:10:00	qua: in the capacity of estuary: the tidal mouth of a river hence the wellknown saying "up the creek without a paddle"?	Graham L (2)
431413	2006-02-18 01:17:00	qua: in the capacity of estuary: the tidal mouth of a river hence the wellknown saying "up the creek without a paddle"? :lol: :thumbs:	Dannz (1668)
431414	2006-02-18 02:31:00	Surely everyone in business must be a quaestuary then? If you're not in it for profit, it's not a business. It's a hobby. (Graham's not the only pedant here...)	Laura (43)
431415	2006-02-18 04:54:00	If you're not in it for profit, it's not a business. It's a hobby. (Graham's not the only pedant here...) Hmm......The Corporate Fraud Office, some accountants, and the IRD might disagree with you there Laura. There are quite a few businesses set up for the express purpose of making a loss. The end game is to profit financially somewhere down the line of course, but not within that particular entity. There is nothing wrong with the principles of this word though, it espouses a fine capitalist tradition. Cheers Billy 8-{)	Billy T (70)
431416	2006-02-18 07:44:00	Surely everyone in business must be a quaestuary then? If you're not in it for profit, it's not a business. It's a hobby. (Graham's not the only pedant here...)I don't think the lines so clear. A hobby can become a business, it can grow, and even end up making a healthy profit, but the primary aim of the exercise, need not be to make money/profit....	personthingy (1670)
431417	2006-02-18 08:56:00	True indeed, personthingy. So a music enthusiast could become a roadie could become a guy with his own gear could become a sound expert hired out for concerts. I get the drift... Don't know why I didn't think of Billy's example of tax-loss businesses. I'm either too honest or too naive.	Laura (43)
431418	2006-02-18 09:27:00	You were spot on with your first post Laura. Quote from the Income Tax Act : "The definition of a business is important for two reasons. First, the gross income of any person includes any amount derived from any business. Secondly, certain incentive deductions and allowances are available only to taxpayers who carry on a business". It then goes on to say : "The word business for the purposes of the {Income Tax} Act includes any profession, trade, manufacture or undertaking carried on for pecuniary profit. You were right Laura. Here's one for you personthingy : The Master Tax Guide then goes on to talk about hobbies : "An intention to engage in activities which amount to no more than the pursuit of a hobby should not be equated with an intention to make a pecuniary profit from a business." In response to Billy's last post, the IRD take the view that a venture designed to make losses does not fit the definition of a 'business' (see above) so accordingly it can't claim the expenses / deductions. Whether it would be classified as a hobby or not is another story. My 2c Andrew	andrew93 (249)
431419	2006-02-18 10:15:00	:thumbs:	Laura (43)
431420	2006-02-18 13:21:00	Here's one for you personthingy : The Master Tax Guide then goes on to talk about hobbies : "An intention to engage in activities which amount to no more than the pursuit of a hobby should not be equated with an intention to make a pecuniary profit from a business . "So if i tell IRD that i did make some money , but it was just a hobby, not a business, the won't want any tax from me??? Somehow i don't think that would work like that, but i could be wrong . Anyway, one friend who is now in his late 50's and has been doing the same "hobby" as me most of his life has now built it up to Chchs biggest sound hire company, a multi-million dollar hobby . Is he tax exempt? Hmmmmmm . . . . . So in essence the choice to engage in a hobby with so much enthusiasm that it ends up supporting us makes it non taxable income . . . . Hmmmm very interesting I don't dare try it on though :p	personthingy (1670)
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