hopefully someone can help me on this!
I work for someone who has a NZ business and is setting up agents/franchises in Australia.
The agents basically sell the companies products and then pay on invoice. The product itself is manufactured in europe and then sent to NZ where its forwarded to australia.
The company want to know the easiest way to manage payments and invoices in a situation like this. They were thinking of opening a Foreign Currency Account, as this supposedly allows easier deposits and withdrawals where foreign currency bills are involved. They would also be wanting paying their supplier in Europe out of this FCA account to avoid having to pay exchange rate twice.
Does anyone know how this works? Is this the best way to do it? Or would they have to set up an a/c in australia and register for GST and income tax and etc.
The agents would not be paying any Australian GST content on the NZ companies invoices.
Any ideas or suggestions?