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  • Foreign currency gains and losses



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    Under the forex provisions, if you sell a depreciating asset in foreign currency, the termination value of the asset is translated to Australian currency at the exchange rate applicable when you receive the foreign currency. Any realised foreign currency gain or loss on the transaction is included in assessable income or allowed as a deduction, respectively.

    Last modified: 27 Aug 2007QC 27892