cheque cashing

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cheque cashing


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Old 07-03-2014, 02:13 PM
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cheque cashing

Is it illegal I'm helping a contractor cheque cashing in the bank ? Will ato check me ?


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Old 07-04-2014, 06:46 AM
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Originally Posted by andrewbryan View Post
Is it illegal I'm helping a contractor cheque cashing in the bank ? Will ato check me ?
Are you declaring the income?
Are you earning over $20,000 p/a?

Tax minimisation is OK.....tax fraud is illegal.

There should be no problem if you declare the income from your contract.

- The ATO has access to your bank account anyway - so they will note the income if you are audited.

Good luck.

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Old 07-05-2014, 02:02 AM
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Originally Posted by andrewbryan View Post
Is it illegal I'm helping a contractor cheque cashing in the bank ? Will ato check me ?
Is it your income or someone else's? If not yours my question is why they do not have a bank account? If audited they would need to produce the statement from the bank account.

Also if you receive any interest on that money you will need to pay tax on that - the ATO does check on that! I know someone who forgot to declare their bank interest and they got a letter from the ATO!


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Old 07-05-2014, 02:08 AM
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Originally Posted by robboat View Post
- The ATO has access to your bank account anyway - so they will note the income if you are audited.
They don't have access to your bank account - that is illegal! They get reports from the bank with the interest earned and that is it. If you get audited you need to provide the ATO with the bank statement. I believe they can request funds from your account if you owe them lots of money and don't pay - I think that would come after debt collection has tried.


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Old 07-05-2014, 09:48 AM
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Originally Posted by andrewbryan View Post
Is it illegal I'm helping a contractor cheque cashing in the bank ? Will ato check me ?
Depends on how big the cheques are, All transactions in cash , in or out $10,000 or greater are reportable to AUSTRAC and who they tell heavens knows but the ATO gets a mention on their website.

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