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HIBERNIANS(I'm new)I'm new
30 Nov 2021

I had an overseas property I held prior to arriving in Australia in 2006 and sold it in 2019. The CGT component I understand (sadly my tax agent doesn't) but how is the Fx gain/loss component computated? The CGT component should address any gain/loss in currency and be included in the CGT component of the tax submission. At what point in time is the Fx gain/loss calculated from? Is it the period I arrived in Australia (using the prevailing ATO/bank exhange rate as purchasing cost base) or from the time the CGT component no longer applied (e.g. at nett proceeds of property sale) until the date of transfer into AUD (using the prevailing ATO/bank exhange rate as selling cost base)? I cannot be so unique that I require a private ruling as advised by my tax agent.

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Bruce4Tax(Taxicorn)Taxicorn
1 Dec 2021

Not quite sure what you mean. CGT events in foreign currency are converted to AUD at the rate on the day of the event. FX gains/losses can occur when there is a difference between the converted amount and the amount actually paid/received at a later date. It is not a difference in FX rate between date acquired and date sold. e.g. Sell for USD 550 K = AUD 763 K, but amount actually received = AUD 760 K. Result = FX loss AUD 3 K - treat as capital = part of CGT calc.

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Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
1 Dec 2021

Not quite sure what you mean. CGT events in foreign currency are converted to AUD at the rate on the day of the event. FX gains/losses can occur when there is a difference between the converted amount and the amount actually paid/received at a later date. It is not a difference in FX rate between date acquired and date sold. e.g. Sell for USD 550 K = AUD 763 K, but amount actually received = AUD 760 K. Result = FX loss AUD 3 K - treat as capital = part of CGT calc.

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Calculating Fx gain/loss on overseas property | ATO Community