Whats the tax code for Telegraphic transction fee?

MelisaMelisa Member Posts: 9
edited August 2019 in Accounts Business Range
We paid USD to a supplier using Australian dollar account, then we were charged Telegraphic transaction fee, does anyone know what  tax code should I use for Telegraphic transaction fee?

Comments

  • LeeLee Member Posts: 69
    edited June 2017
    I'm guessing that the TT fee came through in your AUD bank account. i'm assuming this is an Australian bank account, not just an AUD account in an o/s bank. If so then the bank's fee will include the normal 10% GST and use the NCG tax code. that's what I do. Hope that helps. 
  • ZappyZappy Accredited Partner Posts: 4,692 ✭✭✭
    edited August 2019
    Why don't you ask the person to whom you are paying the fee? There's no way of telling if it includes GST unless they tell you. 

    Happy to help
  • MelisaMelisa Member Posts: 9
    edited June 2017

    Thanks Lee, you are right. it is GST inclusive.

    And Thanks Kevin, I have called ANZ bank and they have advise me it has GST in it.

    I thought it was a simple Yes or No question, but I was  transferred  5 times before they could find  someone  with aussie accent can answer the question.

    Anyway, Thanks again. guys,

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