The Australian Taxation Office (ATO) has updated its guidance on Monthly exchange rates for 1 July 2024 to 30 June 2025, including monthly rates for January, February, and March 2025. As explained in the main guidance on Foreign exchange rates, 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.