foreign income derived overseas, you can use either the spot rate at the time the income is derived or an appropriate average rate. Country Year ended Average exchange rate Actual exchange rate Currency Date Rate South Africa.2640.8845 Rand Hong Kong.9352.1674 Hong Kong dollar New Zealand.1181.1371 New Zealand dollar United Kingdom (Companies).5088.5539 Pound Sterling United Kingdom (Individuals) 5/04/2016.5091 5/04/2016.5537. It would be reasonable for John to choose to use an average rate of exchange for the rental income and deductions when translating these amounts into Australian dollars. In this case, it would not be a reasonable approximation to translate the purchase price of the office building using an average yearly rate.
Currency, date, rate, south Africa.0956.3794 Rand Hong Kong.0665.1664 Hong Kong dollar New Zealand.0944.1274 New Zealand dollar United Kingdom (Companies).6015.6417 Pound Sterling United Kingdom (Individuals) 5/04/2017.6025 5/04/2017.6364 Pound Sterling Odd year ending, for selected countries. You can translate foreign currency amounts into Australian currency or an applicable functional currency using: average rates daily rates, or rates consistent with the rates used when preparing an audited financial report. The pension is paid to her fortnightly in Euros. Odd year ending, for selected countries 28 February 2018, Foreign currency exchange rates foreign currency equivalent to 1 Aust. Pound Sterling, odd year ending, for selected countries 28 February 2017, Foreign currency exchange rates foreign currency equivalent to 1 Aust.
Alternatively, you can use appropriate exchange rates provided by: a banking institution operating in Australia including, where relevant, the banking institution through which your foreign income is received another reliable external source. From, there are specific rules that tell you which exchange rate to use to convert these amounts.