you are a bank or similar financial institution.you receive foreign income from business activities, or.you are an early balancer operating on a substituted accounting period.What you will needĭetails of your foreign income. If your currency is not listed in the calculator, you may use another exchange rate, for example from a bank.įor more information, see Overseas obligations when repaying loans. use the annual average rate of exchange for the Australian income year.report the income you earned outside of Australia, even if you are not an Australian resident for tax purposes. If you have a Higher Education Loan Program (HELP), VET Student Loan (VSL) or Trade Support Loan (TSL) debt you need to: To understand your tax situation you will need to work out if you are an Australian or foreign resident for tax purposes.įrom 1 January 2020, we use exchange rates supplied from the Reserve Bank of Australia.
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