I’m back today with part two of our “Getting Foreign Currency Savvy” series.
Last week we explored the world of invoicing sales in foreign currencies, simplified the basics of exchange rates, and discussed how using the right sales platforms or accounting software can facilitate super smooth transactions for your business.
Today I’m flipping to the other side and focusing on how to handle expenses in foreign currency. Like always, I break it down step by step, providing you with the knowledge and the tools you need to sail smoothly without the hiccups.
I begin with one of the biggest issues I see people facing when importing goods. I share the complexities of claiming GST on imports and the related duties, when to claim GST, and how to calculate it accurately.
I also talk about the importance of tax invoices when making overseas purchases, and the crucial details you need to get from your supplier. As well as how to deliver this information to the ATO to make sure it’s valid.
I finish up by tackling some of the most common mistakes people make when taking care of their expenses in foreign currency. These are simple mistakes that can cause big issues, and I’ll equip you with simple strategies that can keep you safe and savvy.
Handling your finances in foreign currency can seem overwhelming but it doesn’t have to be!
This episode will equip you with the knowledge you need to navigate the world of foreign currency transactions with confidence and accuracy.
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