Tax in Australia

I have a question and couldn't find a more appropriate category to post it in.

How do I do my tax in Australia? 90% of transactions I do are via paypal and in USD... do I have to convert it to Australian dollars? Or can I do it all in US, then at the end of the month do a conversion on the profit or whatnot?

Thanks

 

Same question here, I live in Australia and all transactions are in PayPal.

 

You only need to do it for the amounts you receive in you AUS bank account when you withdraw from Paypal. Otherwise it is way too complicated according to my accountant.

Seeing that most of my business is with US based clients, it's all GST free. Gotta love that.

Col

 

Cool most of my business is with people outside Australia, also I don't think you need to pay tax if you earn under ~$7,000.

 

Errrmmmmm....I left a $40k a year job to do this from home. I think I might be over that mark somewhat....LOL

Col

 

Lol well when your a teenager any money is good money

 

I was wondering... I did a bit of accounting at uni and we didn't cover international transactions.

I have to agree with your accountant. I was wondering how I would do it - it's messy with the currency conversations, paypal fees, paypal withdrawal fees etc.