Western Union money transfer and tax

Hi all,

I do a bit of tutoring and I have had one client pay me through Western Union money transfer (first time using it for me, I went and picked up the cash from the post office).

I'm assuming since the PO took down all my information etc. that this income will not be the same as someone paying me cash in hand in regards to tax :)

Cheers

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Comments

  •  

    I would have thought it was simply another method of receiving cash. Your accounting method should still include the income if you're doing the right thing?

  • +1 vote

    The accounting method for cash in hand should still be income.
    No different method to be applied for a western union transfer as it is still income.

  • +2 votes

    If ur trying to beat the tax man I think there are better ways than to not declare income. Not declaring income is a slam dunk for the ATO.

  • +2 votes

    You may be easily data matched - WU reports all transactions to the government and many govt. agencies are interested in this data set, the ATO amongst them.