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Anonymous #1
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paid cash
#14710219 - 07/03/11 08:35 AM (12 years, 10 months ago) |
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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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InvisibleHunter
Stranger

Registered: 04/18/11
Posts: 448
Loc: Australia
Last seen: 7 years, 2 months
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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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Bacchus
Lurker




Registered: 10/10/06
Posts: 914
Loc: ::1
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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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Living on a no-Flash diet is way easier than you think. Give it a shot.
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Alan Rockefeller
Mycologist


Registered: 03/10/07
Posts: 48,392
Last seen: 2 days, 23 hours
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Re: paid cash [Re: Bacchus]
#14720977 - 07/05/11 03:02 PM (12 years, 10 months ago) |
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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
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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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plustax
Stranger
Registered: 02/21/10
Posts: 396
Last seen: 11 years, 4 months
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shove it all in, and then make small regular deposits.
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Delicious Apes
Registered: 10/31/08
Posts: 3,642
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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.
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snoot
look alive ∞




Registered: 01/30/05
Posts: 9,644
Loc: 45º parallel
Last seen: 14 hours, 38 minutes
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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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∞ I am incapable of conceiving infinity, and yet I do not accept finity. - Simone de Beauvoir -
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Anonymous #2
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Re: paid cash [Re: snoot]
#14734029 - 07/07/11 11:22 PM (12 years, 10 months ago) |
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Turn it into the police. Say you found it. When nobody claims it after 90 days, go recover the loot.
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Steve
Stranger

Registered: 09/22/07
Posts: 442
Loc: AUS
Last seen: 10 years, 7 months
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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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ReposadoXochipilli
Here, there, inbetween



Registered: 08/30/05
Posts: 7,501
Loc: Sand and sunshine
Last seen: 16 hours, 12 minutes
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Re: paid cash [Re: Steve]
#14735945 - 07/08/11 11:54 AM (12 years, 10 months ago) |
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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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Toofpaste



Registered: 09/22/10
Posts: 1,243
Last seen: 10 years, 11 months
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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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