Whats the tax code for Telegraphic transction fee?

  • 1
  • Question
  • Updated 1 year ago
  • Answered
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?
Photo of Melisa

Melisa

  • 184 Points 100 badge 2x thumb

Posted 1 year ago

  • 1
Photo of Lee

Lee

  • 474 Points 250 badge 2x thumb
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. 
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 40,810 Points 20k badge 2x thumb
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
Photo of Melisa

Melisa

  • 184 Points 100 badge 2x thumb

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,