The Australian Taxation Office (ATO) has updated its guidance on foreign exchange rates with the addition of the foreign exchange rates for the calendar year ending 31 December 2024. Monthly exchange rates for the 2024-25 income year have also been updated, including rates for October, November, and December 2024. 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.