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Guide to functional currency rules

Source: New places to play in Gungahlin

How to use the functional currency rules guide

The electronic version of this document is the only authorised version. Printed copies may be out of date.

Read this guide to find out more about the functional currency rules, including:

  • eligibility requirements
  • the implications for tax accounting and tax reporting.

You can use this guide if you are:

  • an Australian resident or a non-resident with a permanent establishment in Australia and both of the following apply
    • you keep your accounts solely or predominantly in a particular foreign currency
    • you wish to work out your taxable income (or tax loss) using that foreign currency – that is, using your ‘applicable functional currency’
  • a non-resident disposing of indirect interests in real property in Australia and the sole or predominant currency in which you keep your accounts at the time of disposal is a foreign currency. The application of functional currency rules is mandatory in this situation.

This guide does not cover income from overseas permanent establishments of resident taxpayers.

Functional currency translation rules

The functional currency translation rules are an exception to the core foreign currency translation rules.

Under the core foreign currency translation rules, amounts in a foreign currency must be translated into Australian dollars (A$). There are also rules about when and at what exchange rate a translation is to take place for a given type of transaction.

Under the functional currency rules, you can use a currency other than A$ as the unit of account to work out your taxable income or tax loss. The core foreign currency translation rules continue to apply to amounts and transactions not covered by the functional currency rules.

If you are an eligible taxpayer who keeps your accounts solely or predominantly in a particular foreign currency, you can choose to use that foreign currency as the unit of account to work out your taxable income or tax loss.

If you have made such a choice (that is, an effective functional currency choice), you do not translate transactions you undertake in either a foreign currency or in your applicable functional currency into A$. Rather, you translate only your net amount of taxable income or tax loss calculated in your applicable functional currency into A$.

The core foreign currency translation rules are contained in section 960-50 of Subdivision 960-C of the Income Tax Assessment Act 1997 (ITAA 1997).

The functional currency translation rules are contained in section 960-80 of Subdivision 960-D of the ITAA 1997.

How the functional currency rules work

Once you choose to use a non-Australian dollar applicable functional currency, you must use that currency as the unit of account in your day-to-day tax accounting. After working out your taxable income or tax loss in the applicable functional currency, you must translate that amount into A$ to report on your tax return.

You must also carry out your instalment income calculations in your applicable functional currency and translate that amount into A$ for reporting purposes.

Eligibility to account in a functional currency

Only certain taxpayers can choose to work out their taxable income or tax loss using a non-Australian dollar applicable functional currency. This guide is relevant only if you are either of the following:

  • a resident who must prepare financial reports under section 292 of the Corporations Act 2001
  • a non-resident carrying on business through a permanent establishment in Australia.

Your applicable functional currency is the sole or predominant currency in which you keep your ‘accounts’ at the time you choose to use functional currency.

‘Accounts’ means ledgers, journals, statements of financial performance, profit and loss accounts, balance sheets and statements of financial position and includes statements, reports and notes attached to, or intended to be read, with such items.

Find out more in subsection 960-70(4) of the ITAA 1997.

The following taxpayers using a non-A$ applicable functional currency are not covered in this guide:

  • Australian residents carrying on business through overseas permanent establishments, using a non-A$ applicable functional currency to work out their taxable income or loss
  • attributable taxpayers in respect of controlled foreign companies (CFC) and transferor trusts, using a non-A$ applicable functional currency to work out the ‘attributable income’ of the CFC or transferor trust.

When to make a functional currency choice

The functional currency rules started to apply on 1 July 2003.

Ordinarily, if you choose to use a foreign currency as your applicable functional currency to work out your taxable income or tax loss, your choice will take effect after the end of the tax year during which you made it.

You must make your functional currency choice in writing.

In some circumstances, you can make your functional currency choice after the start of the tax year in which you intend it to take effect. This is referred to as a ‘backdated start up choice’. You must make a ‘backdated start up choice within 90 days of either of the following:

  • the start of the tax year, if your entity existed at that time
  • the day your entity came into existence, if it did not exist at the start of the tax year.

See details on:

Withdrawing an existing functional currency choice and substituting a new choice

You can withdraw your existing functional currency choice if the functional currency you are using ceases to be the sole or predominant currency in which you keep your ‘accounts’. Your functional currency choice withdrawal will take effect from the end of the tax year in which you withdraw it.

Your withdrawal:

  • cannot be backdated
  • must be made in writing
  • should be available as part of the business’s tax records.

After your previous functional currency choice is withdrawn, you can make a choice to use the new sole or predominant currency in which you keep your accounts to work out your taxable income or tax loss. You must make this choice in writing. If you don’t make a new functional currency choice, the core foreign currency translation rules will apply, which means that all amounts must be translated into A$.

See details on:

Documenting your choice to use a non-Australian dollar applicable functional currency

When making your written choice to use a non-Australian dollar currency as your applicable functional currency, include all the following:

  • the name and tax file number of the entity making the choice
  • the use to which the functional currency is being put – for example, to work out taxable income or tax loss
  • the date the choice takes effect
  • the unit of account that the entity intends to use as its functional currency
  • the signature of the entity’s public officer and the date the written functional currency choice was signed.

You do not need to send your written functional currency choice to us. However, it should be available as part of your business’ tax records.

Non-functional currency amounts you receive or pay

All amounts included in working out your taxable income or tax loss must be in the applicable functional currency. This means you must translate all amounts you receive or pay in another currency, including A$ amounts, into the applicable functional currency.

The functional currency translation rules, including applicable exchange rates, follow the principles in the core foreign currency translation rules for translating foreign currency amounts to A$. This is covered in subsection 960-50(6) of Subdivision 960-C and also subsection 960-80(6) of Subdivision 960-D of the ITAA 1997.

However, the A$ is treated as a foreign currency while your applicable functional currency is not a foreign currency for the purposes of working out your taxable income or tax loss in the applicable functional currency. This is covered in subsection 960-80(1) of the ITAA 1997.

A foreign exchange (forex) realisation gain or loss may arise for certain amounts if there is a difference in prevailing exchange rates at the relevant times. For example, the exchange rate applicable at the time you incur an amount may be different from the exchange rate applicable when you pay it. In this situation, changes in the value of the A$ against the applicable functional currency can bring about a forex gain or loss – an example follows.

Example 1: trigger of foreign currency loss

Stellar Rex Incorporated (Stellar Rex), a USA company with a branch (permanent establishment) in Australia, chooses to account for their Australian branch’s taxable income in a functional currency. For Stellar Rex’s purposes, US dollars (US$) is the applicable functional currency and A$ is a foreign currency.

Stellar Rex contracts to purchase a depreciating asset from an Australian company in A$ as follows:

Year 1

Stellar Rex contracts to purchase the asset for A$10,000. Stellar Rex holds the asset from the date of contract.

At the contract time, A$1.00 = US$0.50.

Therefore, the cost of the asset in the applicable functional currency is US$5,000.

Year 2

Thirteen months after beginning to hold the asset, Stellar Rex pays A$10,000 for the asset.

At this time A$1.00 = US$0.55, so the A$10,000 Stellar Rex pays is equivalent to US$5,500.

A forex realisation loss of US$500 is made under Forex realisation event (FRE) 4 when Stellar Rex pays A$10,000 for the asset in year 2. As the payment was made more than 12 months after first holding the asset, the loss is not a short-term forex realisation loss – refer to section 775-75 of the ITAA 1997.

Therefore, Stellar Rex will take this loss into account as an allowable deduction when calculating the taxable income or tax loss of its Australian branch for year 2. The taxable income of the Australian branch is calculated in US$ and translated into A$ at the end of the tax year for the purpose of working out the amount of A$ income tax it is liable to pay.

End of example

Find out more about foreign currency translation (conversion) rules.

Pre-choice amounts

Special translation rules apply to amounts that are attributable to transactions or events that happened before your current functional currency choice took effect (‘pre-choice’ amounts). Pre-choice amounts that are relevant for working out your taxable income or tax loss for a year after your functional currency choice takes effect must be translated into your applicable functional currency in accordance with these special rules. This includes pre-choice amounts that are denominated in the same non-A$ currency as your applicable functional currency.

See details on:

If you haven’t previously made a functional currency choice, you should translate a relevant pre-choice amount as follows:

  • firstly, into A$ at the exchange rate applicable at the time of the transaction or event
  • secondly, into the applicable functional currency at the exchange rate at the time your functional currency choice took effect.

If you have previously made a choice to use a non-A$ currency as your applicable functional currency, you should translate a relevant pre-choice amount:

  • firstly, into the previous applicable functional currency at the exchange rate applicable at the time of the transaction or event
  • secondly, into the new applicable functional currency at the exchange rate at the time your new functional currency choice took effect.

Example 2: sale of assets acquired before making a functional currency choice

Fion Incorporated (FION), a non-resident corporation, operates through a permanent establishment in Australia. FION conducts most of its business in Yen (¥).

In the year ended 30 June (year 1) FION chooses to use ¥ as its applicable functional currency. The choice applies for the year commencing 1 July (year 2).

In the year ended 30 June (year 3) FION sells a tourist resort for ¥600 million, which it had purchased before year 1 for ¥500 million.

As FION’s applicable functional currency is ¥, the capital gain or capital loss on the disposal of the tourist resort will be calculated in ¥. However, FION had not made a choice to use ¥ as its applicable functional currency at the time it purchased the tourist resort – that is, it was still using A$ for tax purposes. Therefore, the ¥ cost of the resort is translated to A$ at the exchange rate prevailing at the time of the purchase. This A$ amount is then translated to ¥ at the exchange rate prevailing at the time FION’s choice to use ¥ as its applicable functional currency took effect.

For the purposes of this example, the exchange rates were:

  • A$1.00 = ¥68.50 at the time FION purchased the resort
  • A$1.00 = ¥62.00 at the time FION’s functional currency choice took effect.

This means the cost base for the purpose of calculating the capital gain or loss on the disposal of the tourist resort is:

  • (¥500,000,000 ÷ 68.50) × 62.00
  • = A$7,299,270 × 62.00
  • = ¥452,554,745.

The capital gain calculated in FION’s applicable functional currency is:

  • sale proceeds = ¥600,000,000
  • less ¥452,554,745
  • capital gain = ¥147,445,255.

End of example

Tax reporting and functional currency

The functional currency rules allow you to work out your taxable income or tax loss in your applicable functional currency. However, all tax reporting must still be expressed in A$. When reporting on your tax return or activity statement, work out the reported amounts in your applicable functional currency and then translate these amounts into A$.

For tax reporting purposes, when a translation is needed for label amounts (other than the taxable income amount), use the same translation rate as the taxable income translation rate. If you don’t have a taxable income amount in a given income year (that is, you have a tax loss), you should use the same rate you would have used to translate a taxable income amount into A$.

How to treat different amounts

Amount type

Treatment

Amounts used in working out taxable income or tax loss in the applicable functional currency (FC).

Note sections 6AB and 6AC of the Income Tax Assessment Act 1936 (ITAA 1936) with regard to foreign income and foreign tax and the ‘grossing-up’ of foreign income to include foreign tax paid.

Include the amount in the taxable income calculation in the FC before translating taxable income from the FC into A$.

Amounts used to work out taxable income or a tax loss that are in a foreign currency. For example:

  • A$ amounts, including the ‘gross-up’ amount for a franked dividend
  • amounts of foreign income, including the ‘gross-up’ amount for foreign tax paid in respect of that income.

Section 6AC of the ITAA 1936 requires the amount of foreign income included in your assessable income to be ‘grossed-up’ to include any foreign tax you paid in relation to the foreign income. If you receive a franked dividend, section 207-20 of the ITAA 1997 requires you to ‘gross-up’ your assessable income by the amount of the franking credit – and also entitles you to a tax offset equal to the amount of the franking credit.

Translate into the FC using the applicable exchange rate for that amount.

As ‘gross-up’ amounts contribute to the calculation of your taxable income or tax loss, you must translate them into the FC. Include the FC value in the taxable income calculation before translating taxable income from FC into A$ – see Example 3 and Example 4.

Carry-forward losses

Carry-forward losses are allowable deductions that reduce taxable income.

Identify the carry forward loss amount in the FC from the previous income year.

Include these amounts in the taxable income calculation in the FC before translating taxable income from FC into A$.

When reporting the value of a tax loss, translate it from FC into A$.

Tax exempt amounts that reduce carry-forward losses

Tax exempt amounts that reduce carry-forward losses are translated into the FC generally upon being derived. They are then used to absorb the loss to the extent of their value.

When reporting the value of a tax exempt amount, translate it into A$.

Foreign income tax offsets (FITO)

Subsection 770-10(1) of the ITAA 1997 provides that you are entitled to a foreign income tax offset for foreign income tax you paid in respect of an amount of foreign income that is included in your assessable income in a year of income. (FITO in relation to the ‘attributable income’ of a CFC is not dealt with in this guide.)

The value of foreign income tax offset amounts is not used in working out taxable income, except for when calculating the ‘attributable income’ of a controlled foreign company (CFC) or transferor trust.

The core foreign currency translation rules apply, and the value of foreign tax paid used to calculate foreign income tax offsets is translated into A$ when the foreign tax is paid – see Example 3.

Franking credits

A credit that arises in the franking account of an entity (a franking credit) is a tax offset.

The amount of the tax offset you are entitled to as a result of receiving a franked dividend is not translated into your FC. Your tax offset amount will equal the A$ amount of the franking credit attached to the dividend you received before it was translated into functional currency.

Add the A$ value of franking credits to your franking account without translation into FC – see Example 4.

You must keep your franking account in A$.

Tax offsets and rebates

Tax offsets and rebates are not used to work out taxable income or a tax loss.

The core foreign currency translation rules apply.

If the amount is already in A$, then no translation takes place.

If the amount is in a non-A$ currency, translate the amount into A$.

Do not translate into FC first.

Values expressed in law

Paragraph 960-80(2)(i) of the ITAA 1997 covers this.

Translate these amounts to FC at the applicable rate – see Example 5.

Example 3: foreign income tax offsets

In this example, you choose US dollars (US$) as your applicable functional currency.

Calculate your assessable income

 ¥115 = US$1.00 = A$2.00.

 ¥11,500 derived by you consisting of:

  •  ¥10,350 cash and ¥1,150 tax withheld in Japan.

To work out your taxable income, translate ¥11,500 into the US$ FC as follows:

  •  ¥11,500 = US$100 added to assessable income.

Taxable income in US$, including the amount you received in ¥, is translated into A$ at the end of the tax year. If, between the time you derived the income and tax year end, the relative value of the US$–A$ changes, this change will be reflected in the amount of A$ assessable income you will eventually bring to account. In this example, if at year end US$1.00 = A$1.75, then you will report the A$ assessable income you received from the ¥11,500 transaction as A$175.

Calculate your FITO

Translate the ¥1,150 tax withheld amount into A$ as follows:

  •  ¥1,150 = A$20.

A$20 is used in calculating the amount of the foreign income tax offset, being the lesser of the amount of the foreign tax paid or the Australian tax payable on the foreign income.

End of example

Example 4: franking credits

US$1.00 = A$2.00

XYZ Corporation (XYZ) is an Australian resident company, which chooses to use US$ as its applicable functional currency.

XYZ derives a fully franked dividend as follows:

  • A$70 cash.
  • A$30 gross-up amount (franking credit value).

To find out more, refer to subsection 207-20(1) of the ITAA 1997.

Assessable income calculation

XYZ translates A$100 ($70 + $30) into US$ as follows:

  • A$100 × 0.5 = US$50.

At the end of the tax year, US$50 (and other taxable income values) are translated into A$ at regulation rate.

Franking account balance

Add A$30 to franking account balance. No translation takes place.

End of example

Example 5: application of translation rule to a monetary limit

Exact Limited (Exact) has made a valid choice to use US$ as its applicable functional currency. In year 1, Exact purchases a car for US$40,000. At the time, the price is equivalent to A$72,700.

If the car limit under section 40-230 of the ITAA 1997 was A$60,000 in year 1, Exact would apply that provision by converting the limit to US$33,012. The first element of the US$ cost of a car is therefore reduced to that amount.

End of example

Mandatory application of functional currency for indirect Australian real property interests

If:

  • you are a foreign resident
  • a CGT event happens in relation to a CGT asset that is an indirect Australian real property interest for you, and
  • at the time of the CGT event, the sole or predominant currency in which you keep your accounts is a currency other than Australian currency

you must use the applicable functional currency to work out the amount of any capital gain or capital loss. Subsection 960-61(2) of the ITAA 1997 covers this.

This requirement applies to CGT events that happen on or after 12 December 2006.

Capital gains and losses

There are 2 steps to work out a capital gain or capital loss.

Step 1 translate an amount that is not in the applicable functional currency into the applicable functional currency.

Step 2 translate the amount of any capital gain or capital loss into Australian currency.

See more details at table item 6 of subsection 960-80(1) of the ITAA 1997.

Exchange rates to apply

Different exchange rates apply to the translation of amounts that are elements in the calculation of capital gain or loss.

See more details at subsection 960-80(4) of the ITAA 1997.

The exchange rate to be used when translating amounts will be either the:

  • rate at the time the costs are incurred
  • rate at the time of the CGT event.

Exchange rate applicable at the time the costs are incurred

Amounts relating to the payments made and costs incurred that form part of the cost base of a CGT asset, are translated into your functional currency at the exchange rate applicable at the time the costs are incurred.

See details in:

  • table item 5 of subsection 960-50(6) of the ITAA 1997
  • TR 2007/5 Income tax: functional currency – when is an amount not in the ‘applicable functional currency’? paragraphs 110 and 153.

Exchange rate applicable at the time of the CGT event

Amounts which are relevant for working out the capital gain or capital loss (capital proceeds or market value of other property) on the happening of a CGT event, are translated into the applicable functional currency at the exchange rate applicable at the time of the CGT event.

See details in:

Amount of capital gain or capital loss calculated in the applicable functional currency

This amount is translated into the Australian currency at the exchange rate applicable at the time of CGT event.

See details in:

  • table item 5 in subsection 960-50(6) of the ITAA 1997
  • TR 2007/5 Income tax: functional currency – when is an amount not in the ‘applicable functional currency’?

Reporting during the year

Business activity statements

When completing a business activity statement (BAS):

  1. calculate your instalment income in the applicable functional currency
  2. translate your instalment income into Australian dollars at the appropriate rate
  3. complete label T1 of the BAS accordingly.

Company tax return

The functional currency rules allow some taxpayers to choose to work out their taxable income or tax loss by using a non-A$ currency as their applicable functional currency (FC).

All amounts disclosed on the company tax return must be disclosed in A$.

When a label amount is accounted for in a non-A$ FC, that sum should be translated into A$ using the same functional currency translation rate (shown at label 8N Functional currency translation rate of the company tax return) used to translate the taxable income or tax loss figure.

The following amounts are always accounted for in A$, and not in the FC:

  • Label 7 J Franking credits
  • Label 7 C Australian franking credits from a New Zealand Company.

The following amounts do not need to be translated into A$ before completion of the return:

  • Label 7 R Tax losses deducted
  • Label 7 S Tax losses transferred in.

Tax losses are allowable deductions from taxable income. If you carry forward losses, you should account for and claim them in your FC. Report any losses used during the income year at label 7R by translating the value of the loss used into A$ at the FC translation rate.

As mentioned above, label 8N is where you show the exchange rate used to translate the FC taxable income figure (and many other figures on the company tax return) into A$.

At label 8N, show the translation rate the company used to translate the taxable income figure from the FC into A$. The translation rate is the amount the FC amount is divided by to get an equivalent amount of A$. That is, the number of non-A$ currency units that equal one A$ rounded to 4 significant figures – see Examples for labels 8N and 8O.

Label 😯 – functional currency chosen

Label 😯 is where you show your chosen FC using the 3-letter code from the international standard ISO 4217 – ‘Currency codes’. See the list of Currency codes for label 😯.

Labels 8N and 😯 must be completed by:

  • Australian resident taxpayers who use FC to work out their taxable income or tax loss
  • foreign residents carrying on an activity or business at, or through, an Australian permanent establishment, who use FC to work out their taxable income or tax loss.

You should not complete labels 8N and 😯 if you are an Australian resident taxpayer using FC only to work out the attributable income of a controlled foreign company (CFC) or transferor trust.

The following are examples of correctly completed labels 8N and 8O. The exchange rates used are from 26 September 2003.

Examples for labels 8N and 😯

Applicable FC

Label N

Label O

US Dollar

.6695

USD

Yen

77.18

JPY

New Zealand Dollar

1.1385

NZD

Won

785.8

KRW

Rupiah

5679

IDR

As mentioned previously, if you choose to use FC, you should account for the value of any carry-forward losses using that FC.

The value of those tax losses and net capital losses carried forward to later income years should be reported in A$ at ‘Losses information’ – labels 13U and 13V – on the company tax return.

Calculation statement

The calculation statement on the company tax return shows you how to work out the amount of tax payable or refundable. It starts with the ‘Taxable income’ figure at label A. This figure should have been worked out earlier, using the applicable FC and then translated into A$.

Other figures in the calculation statement are either of the following:

  • A$ amounts, such as pay as you go (PAYG) instalments raised
  • amounts translated into A$ previously, such as any foreign income tax offset.

Currency codes for label 😯

These currency codes are from international standard ISO 4217 – Currency codes.

A–F, G–K, L–P, Q–U, V–Z

A

  • Afghan Afghani – AFN
  • Albanian Lek – ALL
  • Algerian Dinar – DZD
  • Angolan Kwanza – AOA
  • Argentine Peso – ARS
  • Armenian Dram – AMD
  • Aruban Guilder – AWG
  • Azerbaijani Manat – AZN

B

  • Bahamian Dollar – BSD
  • Bahraini Dinar – BHD
  • Bangladeshi Taka – BDT
  • Barbados Dollar – BBD
  • Belarusian Ruble – BYN
  • Belize Dollar – BZD
  • Bermudian Dollar – BMD
  • Bhutanese Ngultrum – BTN
  • Bolivian Boliviano – BOB
  • Bosnia & Herzegovina Convertible Marks – BAM
  • Botswanan Pula – BWP
  • Brazilian Real – BRL
  • British Pound – GBP
  • Brunei Dollar – BND
  • Bulgarian Lev – BGN
  • Burundi Franc – BIF

C

  • Cambodian Riel – KHR
  • Canadian Dollar – CAD
  • Cabo Verde Escudo – CVE
  • Cayman Islands Dollar – KYD
  • CFA Franc BCEAO – XOF
  • CFA Franc BEAC – XAF
  • CFP Franc – XPF
  • Chilean Peso – CLP
  • Chinese Yuan Renminbi – CNY
  • Colombian Peso – COP
  • Comorian Franc – KMF
  • Congolese Franc – CDF
  • Costa Rican Colon – CRC
  • Cuban Peso – CUP
  • Czech Koruna – CZK

D

  • Danish Krone – DKK
  • Djibouti Franc – DJF
  • Dominican Peso – DOP

E

  • East Caribbean Dollar – XCD
  • Egyptian Pound – EGP
  • El Salvador Colon – SVC
  • Eritrean Nakfa – ERN
  • Ethiopian Birr – ETB
  • Euro – EUR

F

  • Falkland Islands Pound – FKP
  • Fijian Dollar – FJD

G

  • Gambian Dalasi – GMD
  • Georgian Lari – GEL
  • Ghanaian Cedi – GHS
  • Gibraltar Pound – GIP
  • Guatemalan Quetzal – GTQ
  • Guernsey Pound Sterling – GBP
  • Guinean Franc – GNF
  • Guyanese Dollar – GYD

H

  • Haitian Gourde – HTG
  • Honduran Lempira – HNL
  • Hong Kong Dollar – HKD
  • Hungarian Forint – HUF

I

  • Icelandic Krona – ISK
  • Indian Rupee – INR
  • Indonesian Rupiah – IDR
  • Iranian Rial – IRR
  • Iraqi Dinar – IQD
  • Isle of Man Pound Sterling – GBP
  • Israeli New Sheqel – ILS

J

  • Jamaican Dollar – JMD
  • Japanese Yen – JPY
  • Jersey Pound Sterling – GBP
  • Jordanian Dinar – JOD

K

  • Kazakhstani Tenge – KZT
  • Kenyan Shilling – KES
  • Kuwaiti Dinar – KWD
  • Kyrgystani Som – KGS

L

  • Laotian Kip – LAK
  • Latvia Euro – EUR
  • Lebanese Pound – LBP
  • Lesotho Loti – LSL
  • Liberian Dollar – LRD
  • Libyan Dinar – LYD
  • Lithuania Euro – EUR

M

  • Macanese Pataca – MOP
  • Macedonia Denar – MKD
  • Malagasy Ariary – MGA
  • Malawian Kwacha – MWK
  • Malaysian Ringgit – MYR
  • Maldivian Rufiyaa – MVR
  • Mauritanian Ouguiya – MRU
  • Mauritius Rupee – MUR
  • Mexican Peso – MXN
  • Moldovan Leu – MDL
  • Mongolian Tugrik – MNT
  • Moroccan Dirham – MAD
  • Mozambique Metical – MZN
  • Myanmar Kyat – MMK

N

  • Namibia Dollar – NAD
  • Nepalese Rupee – NPR
  • Netherlands Antillean Guilder – ANG
  • New Zealand Dollar – NZD
  • Nicaraguan Cordoba Oro – NIO
  • Nigerian Naira – NGN
  • North Korean Won – KPW
  • Norwegian Krone – NOK

O

  • Omani Rial – OMR
  • Other – OTH

P

  • Pakistani Rupee – PKR
  • Panamanian Balboa – PAB
  • Papuan Kina – PGK
  • Paraguayan Guarani – PYG
  • Peruvian Nuevo Sol – PEN
  • Philippine Peso – PHP
  • Polish Zloty – PLN
  • Pound Sterling – GBP

Q

  • Qatari Rial – QAR

R

  • Romanian New Leu – RON
  • Russian Ruble – RUB
  • Rwandan Franc – RWF

S

  • Saint Helena Pound – SHP
  • Samoan Tala – WST
  • Sao Tome and Principe Dobra – STN
  • Saudi Riyal – SAR
  • Serbian Dinar – RSD
  • Seychelles Rupee – SCR
  • Sierra Leonean Leone – SLE
  • Singapore Dollar – SGD
  • Solomon Islands Dollar – SBD
  • Somali Shilling – SOS
  • South African Rand – ZAR
  • South Korean Won – KRW
  • South Sudanese Pound – SSP
  • Sri Lankan Rupee – LKR
  • Sudanese Pound – SDG
  • Surinam Dollar – SRD
  • Eswatini Lilangeni – SZL
  • Swedish Krona – SEK
  • Swiss Franc – CHF
  • Syrian Pound – SYP

T

  • Taiwanese New Dollar – TWD
  • Tajikistani Somoni – TJS
  • Tanzanian Shilling – TZS
  • Thai Baht – THB
  • Tongan Pa’anga – TOP
  • Trinidad and Tobago Dollar – TTD
  • Tunisian Dinar – TND
  • Turkish Lira – TRY
  • Turkmenistan New Manat – TMT
  • Tuvalu Australian Dollar – AUD

U

  • UAE Dirham – AED
  • Ugandan Shilling – UGX
  • Ukrainian Hryvnia – UAH
  • Uruguayan Peso – UYU
  • US Dollar – USD
  • Uzbekistan Sum – UZS

V

  • Vanuatuan Vatu – VUV
  • Venezuelan Bolivar Soberano – VES
  • Vietnamese Dong – VND

Y

  • Yemeni Rial – YER

Z

  • Zambian Kwacha – ZMW
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Wanted Victorian man arrested

Source: New South Wales – News

A man has been arrested for numerous offences following a police pursuit that started in the CBD and ended in the Riverland.

About 2.30am on Thursday 22 May, patrols were advised a wanted Victorian man was spotted driving a white BMW in the CBD.

Police attempted to stop the car however it failed to stop and was last seen travelling north on Churchill Road, Kilburn.

About an hour later the vehicle was detected driving on Sturt Highway, Nuriootpa at 129km/h in an 80km/h zone.

Riverland Police with the assistance of PolAir, attended West Boundary Road at Wunkar, where they located the white BMW.  The vehicle again took off at speed away from patrols however PolAir quickly picked it up and tracked it reaching speeds of 170km/h.

The man was seen dumping the car and entering a property in Wunkar, where he confronted the occupants and demanded the keys to their Toyota HiLux.

He continued driving dangerously and at high speeds through back roads.  The HiLux approached the intersection of Cameron Highway and Brown Wells Highway at Paruna and failed to negotiate the intersection causing the driver to lose control and roll.

The man ran from the vehicle but was located a short time later and he was arrested.  The 31-year-old Victorian man was charged with dangerous driving to escape a police pursuit, illegal use of a motor vehicle, serious criminal trespass, theft, driving at a speed dangerous and other driving offences.  He was refused police bail and will appear in Berri Magistrates Court today (Friday 23 May).

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Truck driver charged over crash at Blackwood

Source: New South Wales – News

A truck driver was arrested after a crash that seriously injured a motorcyclist at Blackwood yesterday afternoon.

Just after 3.30pm on Thursday 22 May, police were called to Shepherds Hill Road, Blackwood after reports of a collision between a truck and motorcycle.

The rider, a 46-year-old man from Blackwood, sustained serious injuries in the crash and was rushed to hospital. He remains in a critical condition.

The truck driver, a 38-year-old man from Holden Hill, was not injured.

Major Crash Investigators attended the scene to determine the circumstances surrounding the crash.

Last night, the truck driver was arrested and charged with cause serious harm by dangerous driving.  He was issued with an immediate loss of licence until further order and bailed to appear in the Christies Beach Magistrates Court on 31 July.

Anyone who witnessed the crash and hasn’t yet spoken to police or has dashcam or CCTV footage that captured the collision or either the truck or motorcycle in the vicinity of Shepherds Hill Road yesterday is asked to contact Crime Stoppers at www.crimestopperssa.com.au or on 1800 333 000. You can remain anonymous.

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Charges – Assault with intent to steal – Casuarina

Source: Northern Territory Police and Fire Services

Three males, aged 13, 15 and 20-years-old, have been arrested after assaulting workers in a carpark of a shopping centre in Casuarina.

About 8:25pm last night, police received reports of four cleaners being assaulted by three males in separate incidents. It is alleged the first three cleaners were physically assaulted and the fourth cleaner was threatened with a hammer while the group demanded money and jewellery. No injuries were reported.

Casuarina General Duties and the Dog Operations Unit deployed and arrested the three males nearby.

The 13-year-old male will be dealt with under the provisions of the Youth Justice Act.

The 15-year-old male was charged with Assault with Intent to Steal and is awaiting bail review.

The 20-year-old male was charged with Assault with Intent to Steal and was remanded to appear in the Darwin Local Court later today.

Casuarina General Duties Officers have carriage of the investigation.

Anyone who witnesses or experiences crime or anti-social behaviour is urged to contact police on 131 444. In an emergency dial Triple Zero.

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Stolen motor vehicle pursuit – Palmerston

Source: Northern Territory Police and Fire Services

Strike Force Trident have arrested four youths in relation to a stolen motor vehicle and pursuit in Palmerston yesterday afternoon.

Around 2:30pm, the Joint Emergency Services Communication Centre received reports of a Toyota Hilux driving dangerously through Berrimah along the Stuart Highway. Checks of the vehicle’s registration identified that it had been stolen from an address in Darwin City.

A short time later, Trident members sighted the vehicle stationary on Bailey Circuit, Driver, with one male youth exiting before it drove away. The 16-year-old male attempted to flee on foot but was arrested at the scene.

A pursuit of the vehicle was initiated; however, it was terminated shortly after when it ran through a red light.

A search was commenced involving Strike Force Trident, Dog Operations Unit, General Duties and CCTV operators resulting in the vehicle being sighted on Osgood Drive, Eaton, where the group abandoned it and fled the scene on foot. After a short foot pursuit, three youths were apprehended.

A 15-year-old male was charged with multiple offences including, Damage property, Drive whilst unlicensed, Driving, riding, Using motor vehicle without consent, Drive motor vehicle speed dangerous, and Dangerous driving during a pursuit. He was remanded to appear in court on 23 May 2025.

Three youths aged 15, 16 and 17 will be dealt with under the Youth Justice Act 2005.

Police continue to urge those who witness a crime or anti-social behaviour to make contact on 131 444. Anonymous reports can also be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.

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Job Scam Fusion Cell disrupts fake job networks targeting Australians

Source: Australian Ministers for Regional Development

The National Anti-Scam Centre’s Job Scam Fusion Cell removed more than 29,000 scam social media accounts and 1850 fake job advertisements in a crackdown on employment scams targeting vulnerable Australians looking to ease cost of living pressures.

The fusion cell, which ran from September 2024 to March 2025, has published its report highlighting the combined efforts of government, law enforcement, academics, and the private sector in a coordinated effort to tackle the sharp rise in job and employment scams.

From 2022 to 2023, financial losses due to job scams increased by 151 per cent. In 2024, Scamwatch received more than 3000 reports of job scams, with reported losses totalling $13.7 million. Average losses to these scams were 5.1 per cent higher than the average for all other scam types.

“Job scams have been one of the fastest growing scam types, as scammers are increasingly preying on people seeking relief from cost-of-living pressures,” ACCC Deputy Chair Catriona Lowe said.

“These scams disproportionately impact people on low incomes, culturally and linguistically diverse communities, international students, non-resident visa holders, people with caring responsibilities, and others with limited employment options.”

“Job scams result in significant financial losses and put people at risk of identity theft through loss of personal information. That’s why we’ve worked collaboratively to disrupt these scams through intelligence-sharing, awareness campaigns, and targeted interventions,” Ms Lowe said.

Key initiatives undertaken and implemented by the Job Scam Fusion Cell include:

  • Working with Meta to remove 29,000 accounts sharing job scam content
  • Referring 836 scammer cryptocurrency wallets to digital currency exchanges for analysis and investigation, leading to blocking and blacklisting of wallets
  • Referring 1850 scam enablers such as websites and scam job advertisements for removal
  • Disrupting scammers’ impersonation of Australian Government entities, such as the Department of Foreign Affairs and Trade, the Department of Home Affairs, and APSJobs
  • Holding awareness and prevention forums with organisations across the tertiary education sector to enable them to deliver scams awareness messaging
  • Coordinating a social media campaign, tailored for at-risk groups
  • Creating guides for businesses, including about how to protect themselves and the community from impersonation of their business and regarding identification and disruption of Job Scam Payments
  • Establishing data sharing arrangements with cryptocurrency platforms

The fusion cell identified key risks with the impersonation of healthcare providers in scam job advertisements being used to harvest personal information and extract money from job seekers.

The National Anti-Scam Centre provided tailored advice to more than 40 organisations in the sector, including major state and territory hospitals, and small healthcare services, to help better protect job seekers. These efforts contributed to a near elimination of Scamwatch reports involving impersonation of healthcare organisations by March 2025.

In addition to these specific initiatives, the fusion cell provides a great sandbox environment – participants can move beyond saying to doing, to try different techniques and see what works.  A number of Job Scam Fusion Cell initiatives are now being examined for their application to other scam types.  Others have become part of business-as-usual activity past the life of the fusion cell.

“The work of the job scam fusion cell has been strategically targeted, drawing on data from victims’ experiences, Scamwatch and ReportCyber reports, stakeholder insights, and intelligence from participants. This approach has helped prevent and disrupt scams and has achieved significant and encouraging results,” Ms Lowe said.

The National Anti-Scam Centre continues to work with partners across sectors to analyse emerging threats, raise awareness, and implement targeted interventions that disrupt scams before they reach consumers.

Job and employment scams

  • Scammers advertise job opportunities so they can steal money and personal information. Stop and check any job ad that requires payment of money to make money. It could be a scam.
  • Scammers offer jobs that claim to pay well with low effort. But it’s only the scammer that will make money in the end. Often the job doesn’t exist at all.
  • Scammers pretend to be hiring on behalf of high-profile companies and online shopping platforms. They also impersonate well-known recruitment agencies.
  • Scammers may make contact unexpectedly through text message or encrypted message platforms like WhatsApp, Signal or Telegram.
  • Scammers often ask for payment claiming it is required so you can start the role and get the income they’ve promised. Don’t enter any arrangement that asks for up-front payment via bank transfer, PayID or cryptocurrency, like Bitcoin or USDT. It’s rare to get money back that is sent this way.
  • Don’t trust a job ad is real just because it appears on a trusted platform or website – scammers post fake ads too. If you come across a scammer, report it to the platform or agency and to scamwatch.gov.au.
  • Never send passport, identity documents, or bank account details to an employer or recruitment firm unless certain they are genuine.

How to spot and avoid scams

STOP – Don’t give money or personal information to anyone if you’re unsure. Scammers will create a sense of urgency. Don’t rush to act. Say ‘no’, hang up, delete.

CHECK – Ask yourself could the call or text be fake? Scammers pretend to be from organisations you know and trust. Contact the organisation using information you source independently, so that you can verify if the call is real or not.

PROTECT – Act quickly if something feels wrong. Contact your bank immediately if you lose money. If you have provided personal information call IDCARE on 1800 595 160. The more we talk the less power they have. Report scams to the National Anti-Scam Centre’s Scamwatch service at scamwatch.gov.au when you see them. If you’re contacted on a messaging platform like WhatsApp or iMessage, please also report the scam in the app.

Background

Fusion cells are time-limited taskforces designed to bring together expertise from government and the private sector to take timely action to address specific, urgent scam issues. The National Anti-Scam Centre is coordinating a series of fusion cells with different participants to address significant scam issues.

The second fusion cell was announced in July 2024, following the first fusion cell on combatting investment scams.

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Varying PAYG instalments for your SMSF

Source: New places to play in Gungahlin

If you’re a PAYG instalment amount payer, your instalments have been increased by the gross domestic product (GDP) adjustment factor. For the 2025–26 income year, the GDP adjustment factor is 4%.

We’ll use the latest information you’ve provided to us when you lodge your SMSF annual return to calculate your new PAYG instalments amount or rate.

You can vary your PAYG instalments if you think your current instalments will be more or less than your expected tax liability for the year. Your varied amount or rate will apply for the remainder of your income year or until you make another variation. You can lodge your variation through Online Services for Business.

We encourage you to review your tax position regularly, so that your PAYG instalments reflect your expected tax for the year. Calculating and paying the right PAYG instalments will help you manage SMSF investments.

Contact a registered tax agent if you need help or tax advice.

Looking for the latest news for SMSFs? – You can stay up to date by visiting our SMSF newsroom and subscribingOpens in a new window to our monthly SMSF newsletter.

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$2 million to extinguish battery fire risk in Queensland

Source: Tasmania Police

Issued: 22 May 2025

Sparked by the recent spike in battery fires, the Queensland Government has committed $2 million to put out the battery fire risk in Queensland by expanding collection points.

With more than 200 battery-related fires in Queensland in the past year, the Local Government Battery Collection Program is part of the Queensland Government’s three-point plan to tackle battery safety.

Grants of up to $100,000 are available for Queensland councils or groups of councils to expand battery collection points and provide safer and more convenient disposal of problem batteries that currently have limited options for disposal.

By supporting Queensland councils to expand the number of collection points, this funding will not only make it safer and easier to properly dispose of batteries; but environmental risks and fires caused by battery combustion in council waste collection trucks and facilities will also be reduced.

Executive Director at the Department of the Environment, Tourism, Science and Innovation Claire Andersen said the three-point plan addresses risks to human safety, council infrastructure and the environment.

“Lithium-ion batteries power our everyday lives – from simple AA batteries to e-scooters to rechargeable toothbrushes.

“But when disposed of incorrectly they can spark dangerous fires that put lives at risk, shut down essential services and leave councils and ratepayers footing the bill of costly damage and repairs.

“With the increase in battery fires over the past year, it was clear that urgent action was needed – so we quickly established our three-point plan which is rolling out now.

“This is an integral aspect of this plan; these grants are available to all Queensland councils or groups of councils to expand their battery collection points.

“Not only are we funding battery collection expansion, but we are also working with industry to implement strategies and powering up public awareness and education.

“Our message is simple: don’t bin your batteries.”

To find your nearest battery collection point visit: www.recyclemate.com.au

For more information on the Local Government Battery Collection Program or to make an application, click here.

Media contact:                 DETSI Media Unit on (07) 3339 5831 or media@des.qld.gov.au

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Townsville man fined for illegal dumping

Source: Tasmania Police

Issued: 22 May 2025

The man received a hefty fine for unlawfully dumping the rubbish.

DETSI investigates every case of illegal dumping.

A man has received a hefty fine for unlawfully dumping rubbish in bushland in the Townsville Town Common Conservation Park.

Remote cameras captured a ute with rubbish in the tray entering the conservation park on 16 March 2025. The vehicle was later captured leaving the conservation park with an empty tray.

Rangers from the Department of the Environment, Tourism, Science and Innovation (DETSI) conducted a site inspection and discovered the waste, which included air-conditioning units, empty boxes and other general waste.

Executive Director Waste and Enforcement Jackie McKeay said officers from DETSI’s Litter and Illegal Dumping Compliance Operations issued a show cause notice to the driver of the vehicle.

“The man admitted that he dumped the waste in the conservation park, and he went back to clean it up,” Ms McKeay said.

“He was issued with a Penalty Infringement Notice for $2,580. This fine is a reminder to Queenslanders that our remote cameras can be anywhere at any time.

“We take a zero-tolerance approach to illegal dumping, and we investigate every report we receive.

“Recently, the Queensland Government made it easier for people to report illegal dumping with the new Litter and Illegal Dumping Online Reporting System.

“Unlawfully dumping waste is a pollution risk and a fire hazard, and it can harm our native animals.”

People can report littering and illegal dumping to their local council or via the online reporting tool: Report it.