The Australian Taxation Office (ATO) has updated its guidance on foreign exchange rates. This includes updates for the monthly foreign exchange rates for the 2023-2024 income year, 1 July 2023 to 30 June 2024, as well as the annual foreign exchange rates for the financial year ending 30 June 2024, including the average and nearest actual rates. As noted in the main guidance, all foreign income, deductions, and foreign tax paid must be translated (converted) to Australian dollars before inc…