17 Apr 15 Missing daily foreign exchange rates – the ATO responds
In 2015 TAXVINE No 11 (2 April 2015) Member 62 wrote:
“Since 1 July 2003, daily exchange rates are needed to convert foreign currency to Australian dollars. Disappointedly, the ATO now only provides links to three tax years 2012-13 to 2014-15 at https://www.ato.gov.au/Rates/Foreign-exchange-rates/?anchor=Dailyrates#Dailyrates
I cannot find exchange rates for any earlier tax years. I do not know why this decision was made; it’s a bad decision.
Historic daily exchange rates are much needed for capital gains tax purposes to convert the cost of an asset at its purchase date.
ATO please provide a link to all tax years since 2002-03; they are much needed and will save a lot of time looking for an alternative exchange rate.”
THE ATO NOW RESPONDS:
“Thank you for your feedback. In making improvements to our website, we simplified and in some instances removed content which statistics indicate was rarely used. As the member identified, this included removing daily foreign exchange rates for years prior to 2012.
You can however, continue to access the following Foreign exchange rates from our website:
- Daily rates for the current and previous two financial years
- Monthly rates for the current and previous four financial years
- Annual rates dating back to 2003.
If you require other historical foreign exchange rates, you can source them from the Reserve Bank of Australia or your bank.”