Im wondering if anyone knows the deal with Paypal and Tax.
Having your friends or a couple of ebay users send cash to you through paypal is fine, but what if for example you have a "donations" paypal option on your website. And you start getting little bits of cash from various places around the world.
Eventually you 'withdraw' this from paypal into your aussie bank account.
Does this need to be declared at tax time? Can it be tracked?
And as far as I can tell, the only fees on paypal in this situation is the conversion fee from a foreign currency, at time of donation, and if you 'withdraw' cash less than $150.
Any power - paypal users here that can shed some light on this for me?