These are the rates of Exchange used by Tax for currency conversion in the foreign income worksheet 'for'. They are not provided with the annual release of Tax as at the time of release they have not been published.
The maintenance options available with these rates are Properties, Print, New, Delete and Copy.
When the Tax programs are released for each income year, the Foreign Exchange Rates are not included as the annual rates as at 30 June have not been published. Until such time as they are published and can be included in the software, you will need to key the relevant rate.
The ATO usually publishes these Rates towards the end of July of each income year and therefore they are included in a release later in the year. For the latest rates, see the ATO website.
From Tax click the Maintenance > Tax Rates > Exchange rates.
Highlight an entry and click Properties to change the rate details.
The details recorded for each exchange rate are:
|Year||Select the calendar year relevant to the rate.|
|End Date||Select either the 6 months ending June or the 6 months ending December.|
|Average||Type the average rate of exchange that applied over the 6 month period to four decimal places.|
|Year-end||Type the rate of exchange that applied at the end of the 6 month period to four decimal places.|