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How to report Foreign currency in BAS?

Newbie

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Hi, my business dealings are with companies in UK. I purchase and sell goods in Pounds.

1. How to report foreign currency sales and purchase in BAS? Do I need to convert the dealings to AUD while reporting? 

2.Invoice date and the transaction date (money received) are different. Which date should I consider when reporting quarterly BAS? I assume it will be transaction date. 

 

Thanks for the help. 

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Most helpful response

ATO Community Support

Replies 0

Hi @Zamvi

 

I've answered you question over on this thread.

 

Hope it was helpful.

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @Zamvi

 

I've answered you question over on this thread.

 

Hope it was helpful.