Do you know you could be taxed on forex gains/losses regardless of whether there is an actual conversion of amounts into Australian dollars?
Forex gains/losses arising under the forex rules are treated as being on revenue account and those rules are extremely complex and confusing.
For example, you can make a forex gain when you pay off a foreign debt, which was borrowed to purchase an income producing asset such as a rental property.
Want more tax tips? Follow us @batescosgraveCA