If you have chosen to not show amounts in New Zealand currency at the time of supply, you cannot change it for a period of 24 months after you made that choice, unless agreed otherwise with us. another date as agreed with the Commissioner of Inland Revenue.The date the supplier files their return for the relevant period, or the due date for filing, if the return is filed past the due date The last day of the relevant taxable period You can use the exchange rate applying at: You will need to convert your sales of low-value goods to NZ customers into NZ dollars for each return you file.
You will also need to use amounts in NZ currency when filing your GST return. However, different exchange rates may be used for distinct parts of your business, provided the exchange rate chosen for each respective part of the business is used consistently within that part.Ĭurrency conversion when determining the amount of GST payable If you change the exchange rate you use with the purpose of affecting whether goods are low value goods, you will not have used the rate consistently and, will not have followed the requirements. You may only change the exchange rate you use, or your schedule for sourcing and updating the exchange rate in your systems if you have sound commercial reasons for doing so. You cannot test and select a more favourable exchange rate at other times or decide not to accept the published rate at a scheduled time. This schedule must make sure rates will be updated at consistent and regular intervals, no more than 30 calendar days apart.
NZ US EXCHANGE RATES UPDATE
You may set a schedule to update your business systems with your chosen rate. Sourcing exchange rates and updating business systems For 2016, panelists see the exchange rate. (Amount expressed in a foreign currency) / (the supplier's chosen exchange rate on the conversion day) FocusEconomics Consensus Forecast panelists see the New Zealand dollar trading at 0.65 USD per NZD at the end of 2015. You convert foreign currency to New Zealand dollars using the following formula: This means you have a choice of using a sell NZD rate, a buy NZD rate or a midpoint rate when converting foreign currency amounts to establish whether GST applies. Spot exchange rate that applies at the time of supplyĪpart from the requirement that your chosen exchange rate be used consistently, there are no restrictions on the specific type of exchange rate that you may use for converting foreign currency amounts. The practice for sourcing the rate must be consistent if a rate is used other than the:
the Reserve Bank of New Zealand (RBNZ) rate, or a reference rate published by another central bank.the rate published by the New Zealand Customs Service.the spot exchange rate applying at the time of supply.Overseas suppliers may use any one of the following exchange rates: If you have not chosen to charge GST on supplies of high-value goods (goods with a customs value above $1,000).If it is unclear whether a good you sell in another currency has a customs value exceeding NZ$1,000 or not.When currency conversion to New Zealand dollars is necessary The cost of international transport and associated insurance of the item between leaving the country of export and being delivered in New Zealand. duty payable by the supplier under the Customs and Excise Act 2018.This does not include any amounts charged by the supplier for: The value of an imported item is the price the item is sold for. To do this you may need to convert your currency to NZ dollars. Worst exchange rate of March 2022: 1.4317, Best exchange rate of March 2022: 1.4819, Average exchange rate in March 2022: 1.You will have to work out the "customs value" in New Zealand dollars of goods you sell to work out if you should charge GST on sales of low-value goods imported into New Zealand. Worst exchange rate of February 2022: 1.4769, Best exchange rate of February 2022: 1.5123, Average exchange rate in February 2022: 1.4982 Worst exchange rate of January 2022: 1.4576, Best exchange rate of January 2022: 1.5281, Average exchange rate in January 2022: 1.4839 US Dollar to New Zealand Dollar Monthly Exchange Rates You won’t receive this rate when sending money. Converting US Dollar (USD) to New Zealand Dollar (NZD) in 2022 with the best, worst and average exchange rates of the year Table of 1 US Dollar to New Zealand Dollar Exchange Rate: 1.00 New Zealand Dollar 0.56 061884 US Dollars 1 USD 1.78374 NZD We use the mid-market rate for our Converter.
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