How GST works on FX transactions

Record a foreign-currency transaction using the New Zealand dollar value supported by the transaction record and applicable exchange-rate method. The GST treatment depends on whether the supply is standard-rated, zero-rated, exempt or outside the New Zealand GST rules.

Foreign currency by itself does not make a supply zero-rated. Keep the foreign invoice, New Zealand dollar conversion, payment record and evidence about the customer, goods or services. Ask the tax team about material exchange differences or uncertain cross-border treatment.