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Re: Australian and US dollars in PayPal and declaring income- SOLUTION FOUND

SOLUTION FOUND

I just spoke to 3 lovely people at the ATO. http://www.ato.gov.au

Any overseas service transactions are considered export of services and attract no GST. In the BAS they are C1 and C2 (nothing from 1a).

Example:
I sell a artwork service to an international customer in US dollars for USD100.
If I choose to keep the payment in US dollars in my PayPal account, I have to choose a regular date to make an estimate to Australian dollars. eg on the day, or end of month etc. But always make it consistent and have something to show how I made the calculation. It does not attract GST.

They also referred to rulings GSTR 1001/2 and GSTR2000/31 to read more.

The only two currencies I deal with are Australian dollars and US dollars so that actually is easier to understand for me.