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  • 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. There are rules about which exchange rate to use. 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 use a foreign exchange rate for currency not listed, you may use any reasonable externally sourced exchange rate for that currency.

    Our general information on average rates provides more context and practical examples of applying general rates when converting currency.

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

    Conversion rules prior to 1 July 2003

    Income or expenses prior to 1 July 2003 will need to be converted using the old conversion rules.

    Schedules of relevant exchange rates are listed in left-hand-side menu of this page. Exchange rates prior to July 2003 can be accessed under prior year exchange rates.

    In this section

    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    If we do not publish a rate for the country or date you need, you can use an appropriate exchange rate provided by: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: 04 May 2022QC 16583