Is a loss on variations in foreign currency tax deductible for business purposes?

 Author: Phong(Newbie)Newbie

25 Apr 2026

Hi there,

I am seeking expert guidance on the tax treatment of a foreign exchange loss.

This is in regard to holding USD currency in an overseas bank account. As the AUD strengthened, a loss was incurred when converting the unspent funds back to AUD. Could you please clarify if this is loss deductible?

I would appreciate advice from specialists or community members with experience in foreign exchange to help clarify tax obligations.

Thank you!

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