31Overseas income—conversion of currency

31 Overseas income—conversion of currency

(1) For determining, under Subdivision BA of Division 7 of Part 5 of the applied Assessment 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 amount must be worked out using: (a) the average exchange rate for the foreign currency for the financial year in which the income was derived; or (b) if that rate is not available for the financial year—an exchange rate for the foreign currency that the Registrar considers appropriate. (3) For paragraph (2)(a), an average exchange rate for a foreign currency for a year is the average of the telegraphic transfer rates published by the Commonwealth Bank of Australia for that currency for the financial year.