All foreign income, deductions and foreign tax paid must be translated (converted) to Australian dollars before including it in your return. From 1 July 2003, there are specific rules which tell you which exchange rate to use to convert these amounts. Generally, these require amounts to be converted at the exchange rate prevailing at the time of a transaction, or at an average rate.
If you would like further information on the conversion rules, refer to the Tax Office publications:
If you require a foreign exchange rate for a currency not listed in the schedule, please use any reasonable externally sourced exchange rate for that currency.
Conversion rules prior to 1 July 2003
Income received or expenses incurred prior to 1 July 2003 will need to be converted using the old conversion rules.
The schedules containing the relevant exchange rates are listed in the table of contents on the right hand side of this page. Exchange rates prior to July 2003 can be accessed under Prior year exchange rates.
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