Advice on taxt treatment of losses from foreign currench exhcange rate variations

[nat123]

The title of this thread has been edited from the original: the tax treatment of losses from foreign currency exchange rate variations

Hello, I’m seeking clarification about the tax treatment of losses from foreign currency exchange rate variations. If a business incurs a loss due to changes in exchange rates during international transactions, is this loss tax-deductible under Australian tax law?

[Katie_SQ · Accepted solution]

Hi @nat123,

While Square can't offer any tax advice or consultation services, this article on the ATO's website might have the information you're looking for: Foreign exchange gains and losses.

If you have any questions about your tax obligations, it's best to ask these questions on the ATO Community, or consider consulting a professional tax advisor.

Sorry I couldn't be of more help on this one. If you need help with anything else, please don't hesitate to reach back out to us here. 😊