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#31
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buy a fish n chip shop.....
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#32
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He needs to pay tax on it. Simple.
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K.E.R.S!!!1 |
#33
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Deposit the money in my bank account and if I dont get contacted by the ATO after say 5 years then he is safe. Sound like a plan?
PS I get to keep any monies deposited into said account... |
#34
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Despite the money not being over a certain 'threshold' I would guarantee you would 'randomly' be selected for an audit soon. And then you are fucked.
Either keep cash as cash or pay tax and sleep easy. At the end of the day you will pay tax on the money in a round about way. Interestingly enough, how does the business/place he works get the money as cash to pay the guy? People don't realise but normally someone has to add that money to their wages, pay tax and that is why the 'cash rate' is lower than the salary rate. Tax has been paid somewhere essentially.
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[COLOR="Gray"]550Nm off a 2L... Just wish it was in the dak dak...[/COLOR] |
#35
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Reason being is because he knows the tax dept will eat like 50% of his wage if he was to put $Y.. right? I guess its a smart move.. |
#36
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He will be fine. There is nothing wrong with $500/week.
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you mirin? |
#37
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Sweet ass - I'll let him know, he just wasn't sure.. 500pw is already 24k tax free but he is expecting around 30 - 40 which is a large sum right? Oh wells. Seems to be all good
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#38
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Tax office uses benchmarking and statistics to catch people. They look at trades and work out how much the materials should be to the sales. Where most people come unstuck is that they are greedy, they put the cashies expenses through the books and not the income. their expenses become too high for the industry norm and they are audited.
The other thing the ATO do is look at the "outliers". If every taxi driver shows he makes $70,000 a year in fares on average, the ATO will look closely at those who are outside of a certain % of that. Lastly they look at bank accounts and more recently low doc loan applications. Plenty of people were writing they earn $100k on their loan application but the ATO sees only $50K on the tax return - questions are asked. There are other things they look at but these are the main ones that trigger an audit where they will they poke very closely into his affairs. Personally I would sleep better knowing I would pass an ATO audit. Our jails are full of people who thought they could not declare income - the penalties are severe as the Govt likes to make sure they get their money. Having said all that, most people are caught due to tip offs from scorned ex girlfriends/wives or neighbours etc
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Arguably my Automobile is Awash with Alliteration - Subaru Sti S202 |
#39
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#40
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If you did a private job, would you declare it?
Btw, he doesn't have a business number or anything, as I said, he worked FOR a tint, car detailer place and while he's got the experience, he said he might as well use it. So it can be his hobbie.. right? He doesn't advertise - customers come from friends of friends or recommendations. It's similar to saying 'if your mate asked you to come around to his house to clean up his house or fix his car, or fix his computer, and he'll pay you ....say 100 bucks for it, would you go to the tax company and declare it.' |
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cash, salary |
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