Foreign currency trading ato
11 Jan 2018 often overlooked tax issues associated with crypto currency trading or investing . The ATO recognises this in its general guidance on digital currencies Meaning Bitcoin is not money or foreign currency, it is an input taxed Foreign exchange rates Translation (conversion) to Australian dollars – foreign currency exchange rates to use. All foreign income, deductions and foreign tax paid must be translated (converted) to Australian dollars before including it in your return. Foreign exchange gains and losses. The foreign exchange (forex) measures are contained in Division 775 and Subdivisions 960-C and 960-D of the Income Tax Assessment Act 1997 (ITAA 1997).. These provisions were inserted into the ITAA 1997 by the New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003.. Foreign currency gains and losses