12Overseas income—conversion of currency

12 Overseas income—conversion of currency

(1) For the purpose of determining, under Subdivision BA of Division 7 of Part 5 of the Act, an amount of income expressed in foreign currency to be a person’s overseas income, the Registrar must convert the amount into an equivalent amount in Australian currency. (2) The equivalent amount in Australian currency must be worked out using: (a) the average exchange rate for the foreign currency for the financial year in which the income was derived, being the average of the international money transfer buying rates published by the Commonwealth Bank of Australia for that currency for that financial year; or (b) if no such rate is available for the foreign currency for that financial year—an exchange rate for the foreign currency that the Registrar considers appropriate.