Show download pdf controls
  • Foreign exchange rates

    Translation (conversion) to Australian dollars – foreign currency exchange rates to use

    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 that 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 require a foreign exchange rate for a currency not listed in the schedule, you may use any reasonable externally sourced exchange rate for that currency.

    See also:

    If you would like further information on the conversion rules, refer to the publications:

    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 menu on the left hand side of this page. Exchange rates prior to July 2003 can be accessed under prior year exchange rates.

    On this page:

    Daily rates

    These rates are updated at the beginning of the following month.

    From 1 January 2020, we have used the exchange rates from the Reserve Bank of Australia.

    If you need daily foreign exchange rates, refer to Reserve Bank of Australia – Exchange ratesExternal Link.

    If we do not publish a rate for the country or date you need, you can use an appropriate exchange rate provided by:

    • a banking institution operating in Australia including, where relevant, the banking institution through which your foreign income is received
    • another reliable external source.

    Keep the rate used and the source of rates with your records and be mindful that you cannot obtain an average rate (or rates) of exchange from an associate, or from yourself, unless otherwise notified by us.

    Daily foreign exchange rates for income years:

    Foreign exchange rates for weekends or public holidays are not provided. If you require an exchange rate for a Saturday, Sunday or a public holiday, please either use any reasonable externally sourced exchange rate for that day, or, if none is available, the exchange rate provided in this document for the next closest day.

    Last modified: 03 Sep 2020QC 16583