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MTalarico(Initiate)Initiate
7 Oct 2024

Hello, I've been given this reference to calculate foreign income: Foreign exchange rates | Australian Taxation Office (ato.gov.au) but it's not clear how this applies for only part of the year. For example: I worked in the Netherlands from July - October 2023 - Do I use the 'Average rate for year ended 31 Dec 23' or 'Average rate for year ended 30 Jun 24' or something different?


I would prefer an official ATO employee to respond to ensure I have the correct info for my tax return. Thank you.

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AriATO(Community Support)Community Support
10 Oct 2024

Hi @MTalarico


It's the rate applicable to the period you're translating. For July - October 2023 you'll use the rate for 2023. Keep in mind you're wanting the Australian value of that income you earned at that time.


You should consider if using the average rate is reasonable to use as it must be close to what the exchange rates were at the time you earned your income.

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Most helpful reply

AriATO(Community Support)Community Support
10 Oct 2024

Hi @MTalarico


It's the rate applicable to the period you're translating. For July - October 2023 you'll use the rate for 2023. Keep in mind you're wanting the Australian value of that income you earned at that time.


You should consider if using the average rate is reasonable to use as it must be close to what the exchange rates were at the time you earned your income.

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How to Calcuate Foreign Income | ATO Community