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Rental property is fine, we rent and run the business from our apartment. Renting is ideal because you can claim part of your rent come tax time (if you register the business). We claimed about 20% of our rent as we use the garage and study purely for business use.

You won’t be able to claim deductions unless you register the abn though. It seriously takes 10 minutes to do so it’s worth it.

The classification between hobby and business is a little grey but comes down to “are you seeking to make money”. If the answer is yes then you need to register.