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Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
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Re: How to report Foreign currency in BAS?

Newbie

Views 193

Replies 2

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. 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 1

Hi @Zamvi,

  1. You will report it on your activity statement converted into Australian dollars.
  2. If your turnover is below $10 million, you can choose your accounting method for GST.

The links should explain it all in more detail. Hope this helps.

2 REPLIES 2

Most helpful response

Former Community Support

Replies 1

Hi @Zamvi,

  1. You will report it on your activity statement converted into Australian dollars.
  2. If your turnover is below $10 million, you can choose your accounting method for GST.

The links should explain it all in more detail. Hope this helps.

Newbie

Replies 0

Thanks so much Jimmy. Appreciate your help.