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Old 03-19-2016
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Default ATO and bank accounts

Will the ATO know how many bank accounts you have. Wouldn't that be an issue when you lodge tax return?
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Old 03-19-2016
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Default Re: ATO and bank accounts

Wouldn't you be seen suspicious if the ATO does a check on your many many accounts?
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Old 03-19-2016
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Default Re: ATO and bank accounts

Well...while it is not really illegal to have many bank accounts open...ideally, you would spread them out.

ATO would only do a check - in my opinion - if you have weird activities...
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Default Re: ATO and bank accounts

Well that is suspicious if they audit you and find out you have 50 bank accounts with 5 different banks
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Default Re: ATO and bank accounts

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.
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Old 03-19-2016
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Default Re: ATO and bank accounts

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Originally Posted by Toolman89 View Post
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
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Old 03-19-2016
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Default Re: ATO and bank accounts

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.
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Old 03-20-2016
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Default Re: ATO and bank accounts

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Originally Posted by Stealth4 View Post
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
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Old 03-20-2016
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Default Re: ATO and bank accounts

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.
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Default Re: ATO and bank accounts

What if you earn $3 interest. How do you keep up
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Old 03-20-2016
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Default Re: ATO and bank accounts

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.
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Old 03-21-2016
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Default Re: ATO and bank accounts

Quote:
Originally Posted by rsot View Post
Well...while it is not really illegal to have many bank accounts open...ideally, you would spread them out.

ATO would only do a check - in my opinion - if you have weird activities...
Preferable to not make comments on the ATO if you are only surmising, rsot.

Might be taken as fact, which it is not.

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Old 03-22-2016
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Default Re: ATO and bank accounts

My mind was blown after seeing the 1860 most profitable companies list.
The ATO reveals the tax secrets of the rich list | afr.com
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Old 03-22-2016
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Default Re: ATO and bank accounts

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Originally Posted by Klemantina View Post
My mind was blown after seeing the 1860 most profitable companies list.
The ATO reveals the tax secrets of the rich list | afr.com
LOL then they come after us earning few dollars here and there
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Old 09-25-2016
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Default Re: ATO and bank accounts

Quote:
Originally Posted by craigoaus View Post
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
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