The Australian Taxation Office published monthly foreign exchange rates for the period 1 July 2026 to 30 June 2027, reminding taxpayers that all foreign income, deductions, and foreign tax paid must be converted to Australian dollars using the exchange rate prevailing at the time of transaction or an average rate before reporting.
The Australian Taxation Office (ATO) has published monthly foreign exchange rates for the period from 1 July 2026 to 30 June 2027.
The ATO has clarified that all foreign income, deductions, and foreign tax paid must be translated into Australian dollars before being reported in a tax return.
There are rules about which exchange rate to use. Generally, these require amounts to be converted at the exchange rate prevailing at the time of a transaction, or at an average rate.
The ATO provides the monthly average exchange rates for the fiscal year spanning 2026 to 2027. It outlines how the Australian dollar compared to various global currencies during the month of July 2026. Users can find specific conversion values for major economies, including the US, China, and the UK. The data is intended to assist taxpayers in accurately calculating foreign income or expenses for their legal reporting obligations.
