Well I assume if you ever get audited you just explain it to them and they'd say fair enough, can you provide documentation for each paypal account and which bank account it's linked to so we can account for all of them.
Well I assume if you ever get audited you just explain it to them and they'd say fair enough, can you provide documentation for each paypal account and which bank account it's linked to so we can account for all of them.
Would just be an annoyance.
That will show many paypal accounts all with different names all with different accounts. Money coming in your account under a different name. I be worried. This is not a good idea. I suppose we all run a very risky business which could get us in a lot of trouble
As long as you declare all your income accurately it shouldn't cause a problem. If you still afraid, talk to a lawyer.
As far as I know the ATO can check your income once in a lifetime so they will not bother if your not a multi millionaire. I'm keeping all the evidence for up to 7 years just in case.
That will show many paypal accounts all with different names all with different accounts. Money coming in your account under a different name. I be worried. This is not a good idea. I suppose we all run a very risky business which could get us in a lot of trouble
as far as I know it's not illegal to use an alias with paypal, they're not a bank
My account told me they have a record of your bank accounts and interest received, it being income it is taxable if your total income is over a certain amount.
Years ago pre 2010 when I was a the accountants for my tax return, he asked me about 'all these bank accounts' before I even had a chance to mention them to him. He was aware of every scrape of interest. My bank gives me a statement at the end of the financial year showing how much interest I have earned on all accounts which makes it very easy to keep track of interest paid to me.
My account told me they have a record of your bank accounts and interest received, it being income it is taxable if your total income is over a certain amount.
I believe if you provide your TFN to the bank which is not mandatory