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Tax on foreign gains and losses
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.
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Disclaimer
The material and contents provided on this website and in our print, email or downloadable publications are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standard Legislation.
The material and contents provided on this website and in our print, email or downloadable publications are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standard Legislation.
