Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


rscole86

4411 posts

Uber Geek

Moderator
Trusted
Lifetime subscriber

#11257 11-Jan-2007 23:32
Send private message

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?

Thanks


Create new topic
freitasm
BDFL - Memuneh
68892 posts

Uber Geek

Administrator
Trusted
Geekzone
Lifetime subscriber

#57689 12-Jan-2007 05:39
Send private message

Thsi si the kind of topic where you should get help from an accountant or a company that specialises in foreign investments. Anything you read on an on-line forum on these matters can be just pointing in the wrong directions and cause great losses if wrong.





 

 

These links are referral codes

 

Geekzone broadband switch | Eletcricity comparison and switch | Hatch investment (NZ$ 10 bonus if NZ$100 deposited within 30 days) | Sharesies | Mighty Ape | Backblaze | Coinbase | TheMarket | My technology disclosure


rscole86

4411 posts

Uber Geek

Moderator
Trusted
Lifetime subscriber

  #57694 12-Jan-2007 07:43
Send private message

yeah i just though id try, as youd never know who might know something, tried the banks and they all were unhelpful, even our own bank told us to look online Surprised

 
 
 
 


grant_k
3539 posts

Uber Geek

Trusted

  #57710 12-Jan-2007 12:50
Send private message

Any ideas or suggestions?

Hi Ross,

Are you related to the Colebrookes in Whangarei by any chance?

I am related to them...


Anyway, in our business we have used Offshore FCAs for several years, and have also dealt with the issues of collecting payments from Australian customers.


Your idea of setting up an Australian FCA is a good one because it will avoid transferring those funds back to NZ$.  Also, your Australian customers can pay directly into that account via any branch of the Australian bank concerned.  For example, we use ASB and they are owned by CBA, so Australian customers can make deposits at any branch of the CBA.


Secondly, on the issue of GST:


When you export goods directly overseas, you don't add any NZ GST.  However, the recipient will have to pay GST to Australian Customs when they uplift the goods, so the net effect is the same.

Thirdly, on the issue of paying suppliers in Euros:

You will need to sell AU$ and buy Euros out of your FCA.  Hopefully this will work out better than bringing the funds back to NZ and then buying Euros.

I hope that helps.

Cheers,
Grant.


stevonz
397 posts

Ultimate Geek

Trusted

#57713 12-Jan-2007 13:03
Send private message

You could also use a 3rd party to make your forex payments... I recommend Elldridge Lynch https://www.elynchfx.com/Entry/default.aspx  as I used them extensively when I was in the UK and back here when transferring money back from UK.  You pay into a local bank account (in Oz for example) and they will pay your beneficiary in the country you specify...

Create new topic





News »

Huawei launches IdeaHub Pro in New Zealand
Posted 27-Oct-2020 16:41


Southland-based IT specialist providing virtual services worldwide
Posted 27-Oct-2020 15:55


NASA discovers water on sunlit surface of Moon
Posted 27-Oct-2020 08:30


Huawei introduces new features to Petal Search, Maps and Docs
Posted 26-Oct-2020 18:05


Nokia selected by NASA to build first ever cellular network on the Moon
Posted 21-Oct-2020 08:34


Nanoleaf enhances lighting line with launch of Triangles and Mini Triangles
Posted 17-Oct-2020 20:18


Synology unveils DS16211+
Posted 17-Oct-2020 20:12


Ingram Micro introduces FootfallCam to New Zealand channel
Posted 17-Oct-2020 20:06


Dropbox adopts Virtual First working policy
Posted 17-Oct-2020 19:47


OPPO announces Reno4 Series 5G line-up in NZ
Posted 16-Oct-2020 08:52


Microsoft Highway to a Hundred expands to Asia Pacific
Posted 14-Oct-2020 09:34


Spark turns on 5G in Auckland
Posted 14-Oct-2020 09:29


AMD Launches AMD Ryzen 5000 Series Desktop Processors
Posted 9-Oct-2020 10:13


Teletrac Navman launches integrated multi-camera solution for transport and logistics industry
Posted 8-Oct-2020 10:57


Farmside hits 10,000 RBI customers
Posted 7-Oct-2020 15:32









Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.