Import, Export & International Trade
Accounting for Businesses That Trade Across Borders
GST on imports, foreign currency reconciliation, customs duty allocation, and international tax obligations — handled correctly from day one.
Import and export businesses face accounting challenges that most local accountants have never encountered — GST on imported goods, foreign currency transactions, customs duty, and sometimes international tax obligations in multiple jurisdictions. ANH Accounting works with Sydney-based import and export businesses across a range of industries.
The accounting challenges import, export & international trade face
We have seen these issues repeatedly — and know exactly how to resolve them.
GST on imported goods
GST applies to most goods imported into Australia at the border. For goods under $1,000, GST may apply through the vendor's registration. For goods over $1,000, GST and duties are collected by Border Force. Correctly claiming GST credits on imports requires specific documentation.
Foreign currency transactions
Every foreign currency transaction must be converted to Australian dollars at the appropriate exchange rate. Unrealised and realised foreign exchange gains and losses must be correctly accounted for and disclosed in your tax return.
Customs duty allocation
Customs duties and import fees form part of the cost base of imported goods for accounting purposes. Incorrect allocation affects your cost of goods sold, inventory values, and ultimately your tax position.
International tax obligations
Businesses with overseas subsidiaries, warehouses, or foreign source income may have transfer pricing, permanent establishment, or foreign income tax obligations. We identify your obligations and ensure compliance.
What we do for import, export & international trade
- Xero bookkeeping with multi-currency
- GST on imports — input tax credit claims
- Foreign currency reconciliation
- BAS / IAS preparation & lodgment
- Annual tax returns
- International tax advice
- Business structure for international trade
- ATO correspondence
What you can expect
All GST credits on imports correctly claimed
Foreign currency transactions reconciled accurately
Tax obligations across jurisdictions identified and managed
Customs duty correctly allocated to inventory cost
Why import, export & international trade choose ANH Accounting
Start with a free 30-minute session
We review your situation, identify savings opportunities, and outline exactly what we can do for your import, export & international trade business — no charge, no obligation.
After hours & weekend appointments available
Common questions from import, export & international trade
Do I pay GST when I import goods into Australia?
Yes, GST generally applies to goods imported into Australia. For goods over AUD $1,000 in value, GST and any applicable customs duties are collected by Australian Border Force before the goods are released. For goods under AUD $1,000 from overseas vendors with turnover above AUD $75,000, the vendor must register for GST and collect it at the point of sale. Businesses that are GST-registered can generally claim an input tax credit for GST paid on imports.
How do I handle foreign currency in my accounting?
Every foreign currency transaction must be translated to Australian dollars using the exchange rate at the date of the transaction (or an approved average rate). Differences between the rate at transaction date and the rate at settlement create foreign exchange gains or losses which are assessable income or deductible losses respectively. We set up Xero with multi-currency and ensure all foreign exchange movements are correctly captured.
What is transfer pricing and does it apply to my business?
Transfer pricing rules apply when related parties in different countries transact with each other — for example, an Australian importer buying goods from a related overseas manufacturer. The ATO requires that these transactions be priced as if they were conducted between unrelated parties at arm's length. Non-compliance can result in transfer pricing adjustments and penalties. We assess whether your cross-border related-party transactions trigger these obligations.
Ready to get your accounting handled properly?
Book a free 30-minute session with ANH Accounting. We'll review your current situation, find opportunities, and tell you exactly what we can do for your import, export & international trade business.
Registered Tax Agent RN 26258346 · IPA · IFA · CPA · CA · Xero Certified · Est. 2018