Foreign Income
Foreign income is any income from overseas that you and your partner receive that is not taxable in Australia.
From 1 July 2008, foreign employment income that is exempt from tax will be included in the calculation of your adjusted taxable income for family assistance purposes. Exempt foreign employment income is included in a person's income tax return.
You will need to convert your foreign income to Australian dollars and include this amount in your income.
You can convert your foreign income by using the foreign exchange rates in the table below. These rates are as at 1 July of the relevant financial year. These rates are obtained from the Commonwealth Bank of Australia (CBA).
| Currency | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 |
|---|---|---|---|---|---|---|
| Canadian Dollar | 0.9197 | 0.9420 | 0.9177 | 0.8728 | 0.9578 | 1.0229 |
| Chinese Renminbi | — | — | — | — | — | 7.1033 |
| Danish Kroner | 4.4204 | 4.3214 | 4.6178 | 4.8635 | 5.2980 | 5.0733 |
| English Pound | 0.4122 | 0.3883 | 0.4184 | 0.4269 | 0.4465 | 0.5025 |
| Euro | 0.5995 | 0.5859 | 0.6199 | 0.6295 | 0.6726 | 0.6493 |
| Fijian Dollar | — | — | 1.2773 | 1.3985 | 1.4722 | 1.5258 |
| Hong Kong Dollar | 5.3545 | 5.5324 | 5.8355 | 6.1920 | 7.1898 | 7.9493 |
| Indian Rupee | — | — | — | — | — | 43.0520 |
| Indonesian Rupiah | — | — | — | — | — | 9766.2301 |
| Japanese Yen | 81.73 | 77.0400 | 83.1200 | 93.3900 | 114.9500 | 111.0400 |
| Malaysian Ringgit | — | — | — | — | 3.1622 | 3.3732 |
| Maltese Lira | 0.2552 | 0.2487 | 0.2648 | 0.2793 | 0.2980 | 0.3194 |
| New Caledonian- Tahiti Franc |
70.05 | 70.0100 | 72.1700 | 76.8600 | 83.9800 | 80.4500 |
| New Zealand Dollar | 1.1606 | 1.1097 | 1.0762 | 1.2898 | 1.1710 | 1.3270 |
| Norwegian Kroner | 4.9374 | 4.9109 | 4.8957 | 5.1159 | 5.6094 | 5.3830 |
| PNG Kina | — | — | 2.0181 | 2.4716 | 2.8276 | 2.8912 |
| Singapore Dollar | 1.2015 | 1.2142 | 1.2639 | 1.2820 | 1.4206 | 1.4084 |
| Solomon Islands Dollar | 5.0039 | — | 5.2327 | 6.0569 | 6.5698 | 8.6385 |
| South African Rand | 5.2209 | 4.4297 | 4.9207 | 5.8130 | 6.6330 | 8.0727 |
| Sri Lankan Rupee | — | — | — | — | — | 108.5700 |
| Swedish Kronor | 5.4691 | 5.3281 | 5.8685 | 5.9636 | 6.5215 | 6.3180 |
| Swiss Franc | 0.9247 | 0.8853 | 0.9637 | 0.9931 | 1.1355 | 1.0688 |
| Taiwan Dollar | — | — | — | — | — | 32.2290 |
| Thai Baht | 29.11 | 29.2300 | 29.6500 | 31.7400 | 31.9100 | 34.9100 |
| US Dollar | 0.6801 | 0.7041 | 0.7566 | 0.7730 | 0.8797 | 0.9878 |
| Vanuatu Vatu | — | — | 82.4100 | 90.3700 | 96.4900 | 102.6600 |
| Vietnamese Dong | — | — | — | — | — | 16887.4600 |
Please Note: These rates were offered on 1 July 2008.
[ Top ]