The Australian Taxation Office (ATO) has updated its guidance on foreign exchange rates with the addition of the monthly foreign exchange rates for the 2024-2025 income year, 1 July 2024 to 30 June 2025, including the July 2024 average rates. As noted in the main guidance, all foreign income, deductions, and foreign tax paid must be translated (converted) to Australian dollars before including it in a return. The rules generally require amounts to be converted at the exchange rate prevailing at the time of a transaction, or at an average rate.