New income tax regulations now in force will ease the taxpayer burden in translating foreign exchange amounts to Australian or other currency.
Generally taxpayers with foreign exchange (forex) transactions will have the option of translating foreign currency amounts into Australian currency (or a currency elected by the taxpayer under the functional currency measures) at daily or average rates of exchange or the rates used to prepare audited financial reports.
The regulations also allow taxpayers to elect, in some circumstances, to calculate foreign currency gains and losses using a weighted average cost basis.
With some exceptions, the regulations will be backdated, taking effect from 1 July 2003.
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