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Anonymous #1

paid cash
    #14710219 - 07/03/11 08:35 AM (12 years, 10 months ago)

This should probably go in Money Matters but I would prefer to post anonymously here.

So, I recently got a job washing dishes at a restaurant. They're paying me in cash, which is fine by me. Problem is, I now have a little under $2,000 saved up from this job, which I want to deposit in my bank account.

How likely is it that the government is going to come after me for tax? Is it too small scale for them to bother with? 

I live in Australia.

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OfflineInvisibleHunter
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Re: paid cash [Re: Anonymous #1]
    #14710255 - 07/03/11 08:48 AM (12 years, 10 months ago)

You won't have any issues mate. If you are worried you could always say you just sold something. I've deposited that amount (and more) into my multiple bank accounts numerous times and I have never had an issue. Also, as far as I am aware, the Australian government don't really monitor personal bank accounts.

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InvisibleBacchus
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Re: paid cash [Re: InvisibleHunter]
    #14716890 - 07/04/11 05:38 PM (12 years, 10 months ago)

You can gain a little protection by making many small deposits over a period of time. You'll avoid raising any flags related to large cash deposits.


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OfflineAlan RockefellerM
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Re: paid cash [Re: Bacchus]
    #14720977 - 07/05/11 03:02 PM (12 years, 10 months ago)

Quote:

Bacchus said:
You can gain a little protection by making many small deposits over a period of time. You'll avoid raising any flags related to large cash deposits.





That is called structuring your deposits and it is illegal.


http://en.wikipedia.org/wiki/Structuring

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Anonymous #1

Re: paid cash [Re: Alan Rockefeller]
    #14722217 - 07/05/11 07:33 PM (12 years, 10 months ago)

Well see I was thinking about doing that, but I think it would in some ways be more suspicious - 2,000 in cash deposited in my account over two weeks? Makes it look like I have something to hide

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Offlineplustax
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Re: paid cash [Re: Anonymous #1]
    #14722854 - 07/05/11 09:48 PM (12 years, 10 months ago)

shove it all in, and then make small regular deposits.

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InvisibleDelicious Apes
Registered: 10/31/08
Posts: 3,642
Re: paid cash [Re: Alan Rockefeller]
    #14723874 - 07/06/11 01:47 AM (12 years, 10 months ago)

Quote:

Alan Rockefeller said:
Quote:

Bacchus said:
You can gain a little protection by making many small deposits over a period of time. You'll avoid raising any flags related to large cash deposits.





That is called structuring your deposits and it is illegal.


http://en.wikipedia.org/wiki/Structuring




So is an employer paying somebody cash in hand. They'd never know you were doing it, since we're talking about a dishwashing job. :wutermelon:

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Offlinesnoot
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Re: paid cash [Re: Delicious Apes]
    #14731976 - 07/07/11 04:06 PM (12 years, 10 months ago)

I'm not sure how things work in aus, maybe say you won the lottery? gambling? you found some loot? Do the ask alot of questions?


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Anonymous #2

Re: paid cash [Re: snoot]
    #14734029 - 07/07/11 11:22 PM (12 years, 10 months ago)

Turn it into the police.  Say you found it.  When nobody claims it after 90 days, go recover the loot.

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OfflineSteve
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Registered: 09/22/07
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Re: paid cash [Re: Anonymous #2]
    #14734927 - 07/08/11 05:46 AM (12 years, 10 months ago)

Don't worry about it.
Unless you are really, really unlucky nothing will come of it.

Also depends on how old you are and your situation.
Are you 16 and living at home and therefore wont put in a tax return?
Are you 30, living away from home and wont put in a tax return?

You don't pay tax until you have earnt $6000.

If you are worried you might be able to put in a tax return and tell the ATO you made it doing odd jobs. You will probably have to pay the medicare levy but at least your money will be recorded and you won't be worried anymore.

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OfflineReposadoXochipilli
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Re: paid cash [Re: Steve]
    #14735945 - 07/08/11 11:54 AM (12 years, 10 months ago)

seems like awefully small potatoes to be worrying about, i regularly drop 3k in my account plus regular 2 check deposits for 1k a month. but then again i have renters i don't claim and work for tips.


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OfflineToofpaste
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Re: paid cash [Re: ReposadoXochipilli]
    #14740449 - 07/09/11 11:02 AM (12 years, 10 months ago)

it IS illegal to work under the table. BUT, if you have any issues just say it's not time for your 1099 to be filled out yet.


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