Hello,
My client operates a tour guide business in the US and she is based in Australia for tax purposes.
She had a loss of AUD$816 when US$75,000 that was unspent on a tour was converted back to AUD$.
Can she claim the loss in foreign currency exchange as a deduction?
I would appreciate your advice.
Thanks
Hi @LoulaStudent,
Yes. You can claim the loss if it's arisen under a forex realisation event.
If you're doing your client's tax return and need us to confirm the deductions are allowable, you're best getting tailored advice from us.
If you're doing your assignment, take a look at this previous post for more info about realisation events.
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