Home – New Forums Money matters TAX return, international incomes and delayed payments

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  • #979613
    Tiggerito
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    Hi all,

    I’m dong my taxes and I’m struggling to find out the best way to deal with my affiliate incomes.

    Most are in USD or GPB

    The income is placed into an account which I normally can’t access until it reaches a certain value. Then I can transfer it to my bank or PayPal. At that point it may get converted to USD and I sometimes have to pay a fee.

    What’s the best (most correct) way to enter this sort of income into the books?

    Can I just enter the details when I transfer the money to my own account?

    If it is in USD/GBP then what exchange rate do I apply, when it hasn’t been converted to AUD?

    It’s a pain that such a small part of my income is so complex!

    Cheers

    #1115735
    SalenaKnight
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    The ATO issue ‘general’ exchange rates each week. If it’s paypal, I just look at the conversion (as mine go out, rather than in), but on the few occasions I’ve needed to check (for import duty etc), I’ve just used the charts.

    Now you’re going to ask me where they are – I’ll see if i still have the link handy

    ETA http://www.ato.gov.au/taxprofessionals/content.aspx?doc=/content/22855.htm
    they are on the RHS

    #1115736
    relentless
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    Can I just enter the details when I transfer the money to my own account?

    It depends if the ATO treats paypal as bank accounts? You’d have to ask your accountant, I think it’s a grey area. You could potentially just do what you have suggested because my current and previous accountant only ask for the bank statements not paypal statement at the EOFY. Paypal statements can be confusing and annoying too, it’s not like a normal bank statement

    I personally report Paypal sales as income, but your transfer to your bank account could be reported as you sales income then

    Also you can change your paypal account to default to AUD

    #1115737
    Tiggerito
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    That’s really helped.

    I’ve decided to do a PayPal account in my accounts software and convert values to AUD based on the tax office rates as @flower-child suggested.

    For some affiliates I will enter every commission while others I will only enter them when I receive the money.

    Cheers

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