Silk Road forums
Discussion => Security => Topic started by: TheBusiness on July 04, 2012, 10:34 pm
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Hi all,
Does anyone know if paypal reports income to the australian ATO for verified accounts? I'd like to skim some cream off the top of my paypal income before repatriating with my business account software / bank account but not sure if this would set of inbalances at the ATO end and flag anything.
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Any transaction in Australia over $10k has to be reported, under that no.
That said, the ATO have paid a huge amount of attention to eBay vendors who are clearly not 'hobbists' or selling the odd item, but rather running a shop and making $$$. Given Paypal's relationship with eBay it may fall under their radar as well, so I suppose it comes down to what's been going into your paypal account and where as to the level of risk.
I'd throw it out there that you should be good if it's minimal and you haven't been silly enough to change $$$$$$$$$$ of bitcoin from dealing into your paypal account.
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Any single transaction under $10k huh? Excellent. I can't imagine small paypal amounts undeclared before they hit an aussie bank account would have much effect on anything. Thanks for your input.