Emails to Add My Tax Info to PayPal. Any Reason they Need these Info?

Scrooge McDeal on 07/05/2023 - 16:40
Last edited 07/05/2023 - 19:49 by 1 other user

Hi everyone! I got several emails to add my tax info to Paypal. At first I thought it was a scam and ignored. I signed in my Paypal and I saw that it's legit. Shall I add it? Is there any reason they need this info?

Edit: It says I have until 17 of May to add my info if I want to keep using my Paypal account to send, spend & more.
Now I am thinking that because of someone has sent me $1 in my Paypal account as a joke might triggered it to ask for my tax info. I have nothing to hide. I am bit hesitant to give out such sensitive information.

Poll Options expired

  • 6
    Add your tax details. No worries.
  • 37
    Don't add your tax info. Ignore.
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Comments

  • thatonethere on 07/05/2023 - 16:44
    +2

    Yeah sounds normal. They have to report transactions to ATO as part of the government crackdown on the black economy. Ie so they potentially tax you.

    • Scrooge McDeal on 07/05/2023 - 16:45

      I only use it to buy stuff online. That's why it sounded a bit weird to me that they needed this info.

    • EightImmortals on 07/05/2023 - 17:28
      +6

      Can't have the slaves making a buck without Big Bother sticking it's beak in.

    • HeWhoKnows on 08/05/2023 - 14:23

      You only need to provide TFN if earning income (as in interest) and this is optional anyway.
      Given Paypal doesnt pay any interest on any account balance you dont need to provide TFN
      Just like you dont provide TFN for credit cards

  • plmko on 07/05/2023 - 16:59
    +3

    There's no reason to add anything until you absolutely have to.

  • Neoika on 07/05/2023 - 17:00
    +3

    If you receive money regularly, it may trigger it. If you only use it pay for goods/service, you should never receive it.

    • Scrooge McDeal on 07/05/2023 - 17:01
      +2

      I only use it to buy goods/service. That's why I was wondering why they want this info.
      Edit: Someone send me $1 in my account in December for a joke. Maybe that's what triggered this emails?

      • Eeples on 07/05/2023 - 20:58

        Someone from overseas?

        • Scrooge McDeal on 07/05/2023 - 21:01

          Not from overseas. From Australia.

  • Scrooge McDeal on 07/05/2023 - 17:18

    It says I have until 17 of May to add my info if I want to keep using my Paypal account to send, spend & more.
    Now I am thinking that because of that $1 that someone has sent me as a joke might triggered it to ask for my tax info. I have nothing to hide. It's just I am bit hesitant to give out such sensitive information.

    • AustriaBargain on 07/05/2023 - 19:17
      -3

      Just give it to them. If you almost never get paid through PayPal then you won't see any appreciable tax increase by letting the ATO know what you are getting.

      • Scrooge McDeal on 07/05/2023 - 19:18

        I have nothing to hide. It's just weird they want this info from me. Is this the norm now? Or it just got triggered because someone have sent me $1?

  • vodamerc on 07/05/2023 - 19:42

    I've been getting the same emails. I receive funds from shopback through PayPal and also some survey payments. Nothing significant.

  • Ade99 on 08/05/2023 - 08:32

    It reminds me of the proverbial baby sitter who is paid cash!…may they need to supply their TFN details and provide a tax invoice?

  • dasa on 08/05/2023 - 08:58
    +2

    You can always get InTouch with PayPal and ask them why?

  • taradavey on 08/05/2023 - 10:21

    This is so odd… I send and receive money through paypal all the time, and have done for like 10 years. And I haven't been asked this. I wonder what causes them to target you?

  • fishka2 on 08/05/2023 - 19:25
    +1

    If they close your account, just open another one. I have 4 under different names 😂

  • OutOfTime on 30/09/2023 - 17:37

    I received the same email today. The only payments I receive are from Cashrewards, so assume they see that as income?

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