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August
August
I am starting a business of products imported from Peru. I have some queries:
- When I create an import purchase order through myob the amounts are "Tax inclusive" or "Tax exclusive". This means that the payment will be transferred from an Australian bank account to another bank account in another country.
- I should record the purchase invoice in myob that the foreign supplier gives me for future GST payment and the record will be with "Tax inclusive" or "Tax exclusive".
Thanks,
Eric
September
September
Hi @Eric2023,
Thank you so much for your post and welcome to the Community Forum! Thanks for the detailed information and my apologies for the late response.
When you create an import purchase order through MYOB, it's important to specify whether the amounts are "Tax inclusive" or "Tax exclusive" to accurately reflect the tax treatment of the transaction. Since you mentioned that the payment will be transferred from an Australian bank account to another bank account in another country, here's how the tax treatment typically works:
Tax Inclusive: If the amounts on your purchase order are "Tax inclusive," it means that the prices you've entered already include the applicable taxes (such as GST in Australia). In this case, the total amount on the purchase order reflects both the cost of the goods/services and the tax amount.
Tax Exclusive: If the amounts on your purchase order are "Tax exclusive," it means that the prices you've entered do not include taxes. In this case, you'll need to separately calculate and account for the tax amount when making the payment.
I would also recommend to consult with your accountant or tax advisor for specific guidance on how to handle tax-related matters when making international payments.
Kind regards,
Earl
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