• Foreign exchange rates prior to 01 July 2003

    Foreign currency exchange rate usage

    If you are an Australian resident for tax purposes who has received income from overseas, you must include the foreign income in your tax return even if tax was taken out in the country from which the income came. Foreign income that is exempt from Australian tax may still be taken into account to work out the amount of tax you have to pay on your other income.

    If you received a lump sum payment on termination of foreign employment or from a non-resident superannuation fund you can phone 13 10 20 for superannuation advice. Some of these payments are taxable. If the payment is not taxable, it may still be taken into account in working out the tax you have to pay on your other income.

    All foreign income, deductions and foreign tax paid must be converted to Australian dollars before including it in your return. The conversion to Australian dollars table tells you how to do this.

    This information is updated at the beginning of each month. For other information please contact:

    • tax agents 13 72 86
    • other taxpayers 13 28 61.

    Introduction of the Euro

    Since the introduction of the Euro on January 2002, foreign exchange rates for the following countries are not available from February 1 2002.

    • Austria
    • Belgium
    • Finland
    • France
    • Germany
    • Greece
    • Ireland
    • Italy
    • Netherlands
    • Portugal
    • Spain

    Conversion to Australian dollars

    Type of foreign income

    Convert to Australian dollars at

    Foreign pensions, annuities and deductions

    The average exchange rate for the year or the rate that applied at the time you received each payment.

    Other non-salary or wage foreign income such as dividends, interest or capital gains

    The exchange rate that applied at the time the income was remitted to Australia. If it was not remitted, use the exchange rate that applied on 30 June.

    Foreign business income and employment income

    The average exchange rate for the year.

      Last modified: 23 Sep 2010QC 16136