Oak View, California. Homefacts City Report. Oak View is located in Ventura County, CA. The population is 4,337. There are 1 public schools in Oak View with an average Homefacts rating of B-. The total crime rate for Oak View is very low, and there are 9 registered sex offenders residing in the city.
If you do not declare the loss and start making profits several years later and then declare the profit, you will lose out on being able to offset the losses against the profits and hence will pay more tax.f you do not declare the loss and start making profits several years later and then declare the profit, you will lose out on being able to offset the losses against the profits and hence will pay more tax.
Posted. I do, and I have an ABN and am set up as a sole trader business. If you are planning on taking less than $5000 a year it classifies as a hobby and you won't need to declare anything, but if people buying from you start to want receipts, you will have to register an ABN.xpenses can't be claimed for a hobby. So you would need to weigh up which is more suitable at this stage. I would say you'd need to declare the hobby income also. If you have set up costs and ongoing materials etc, maybe a business is viable as there are deductions for the expenses.