Foreign exchange rates
This Approval approves foreign exchange rate sources that may be used by any person who is required to convert a foreign currency amount into New Zealand Dollars (NZD) for the purpose of determining their tax liability.
This Approval also approves the use of mid-month, end-of-month and rolling average currency conversion methods, where appropriate. These sources and methods may be applied unless the Income Tax Act 2007 or the Commissioner states otherwise.
In addition, this Approval explains how foreign exchange rates should be used to convert foreign currency amounts to NZD.
Income Tax Act 2007, ss YA 1, YF 1(2), YF 1(5), YF 1(6)
Goods and Services Tax Act 1985, s 77