TaxTank now supports foreign currency bank accounts, allowing you to manage overseas accounts in their original currency while automatically converting transactions to Australian dollars (AUD) for tax purposes.
Whether you use PayPal, Wise or another international financial institution, there are a couple of ways to manage your transactions depending on whether your account supports live bank feeds.
Option 1: Connect your account using live bank feeds
If your foreign currency account is supported through our Open Banking provider, Basiq, you can connect it directly from Bank Feeds.
Once connected, TaxTank will:
keep your account balance in the original currency
automatically sync new transactions
convert transactions to AUD for Australian tax reporting
retain the original currency for easy reconciliation against your overseas statements
See How to Connect a Foreign Currency Bank Account via Live Bank Feeds for step-by-step instructions.
Note: Each connected bank account can only have one currency. If your financial institution provides separate accounts or balances for different currencies, you'll need to add each currency as its own bank account in TaxTank.
Option 2: Create a manual foreign currency bank account
If your PayPal, Wise or overseas bank account isn't available via live bank feeds, you can create a manual foreign currency bank account and import your transactions using CSV.
TaxTank will:
keep imported transactions in their original currency
suggest exchange rates during allocation
automatically calculate the Australian dollar values used for tax reporting
See How to Add a Manual Foreign Currency Bank Account for full instructions.
Understanding foreign currency conversions
TaxTank automatically handles Australian dollar conversions behind the scenes while allowing you to continue reconciling your account in its original currency.
You'll be able to:
view the original foreign currency amount
review or override the suggested exchange rate during allocation
see both the original currency and AUD values throughout TaxTank
generate reports in Australian dollars as required by the ATO
Learn more in How Foreign Currency Bank Accounts Work in TaxTank.
Frequently Asked Questions
Q: Does TaxTank support PayPal and Wise?
A: If your account is supported through live bank feeds, you can connect it directly. Otherwise, you can create a manual foreign currency bank account and import transactions via CSV.
Q: Can I keep my transactions in their original currency?
A: Yes. TaxTank stores your bank account and transactions in their original currency while automatically calculating the Australian dollar values required for tax reporting.
Q: Do I need to convert my CSV to Australian dollars before importing?
A: No. Import transactions in their original currency. TaxTank handles the Australian dollar conversion during allocation.
Q: Can I override the exchange rate?
A: Yes. When allocating a foreign currency transaction, you can override the suggested exchange rate if required.
Q: Are reports generated in Australian dollars?
A: Yes. All reports and tax calculations are prepared in AUD, while your bank account remains displayed in its original currency for reconciliation.
Q: Can I import multiple currencies into the same PayPal or Wise bank account?
A: No. Each bank account in TaxTank can only have one currency selected. If you hold multiple currency balances, create a separate bank account for each currency (for example, one USD account and one EUR account) and import each currency's transactions separately.
Q: Does TaxTank support PayPal and Wise?
A: Yes. If your account is supported through live bank feeds, you can connect it directly. Otherwise, you can create one or more manual foreign currency bank accounts and import transactions via CSV. If you hold multiple currencies, you'll need a separate TaxTank bank account for each currency.