The Australian Taxation Office (ATO) has updated its guidance on Monthly exchange rates for 1 July 2024 to 30 June 2025, including rates for January, February, and March 2025 on 2 April 2025.
According to the main Foreign exchange rates guidance, All foreign income, deductions and foreign tax paid must be translated (converted) to Australian dollars before including it in your 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.
From 1 January 2020, ATO has used the exchange rates from the Reserve Bank of Australia. If you use a foreign exchange rate for currency not listed, you may use any reasonable externally sourced exchange rate for that currency.
