ATO Publishes Updated Guidance on Foreign Exchange Rates

The Australian Taxation Office (ATO) published updated guidance regarding foreign exchange rates on 3 May 2021.

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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. From 1 July 2003, there are specific rules that tell you which exchange rate to use to convert these amounts. Generally, th…