Private ruling: GST and foreign exchange rates
Date of advice: 8 March 2023
Published: 24 April 2023
Ruling period: 3 March 2023 - 3 March 2027

Ruling: The Commissioner was asked to rule on: | Whether the methodology used by the entity to determine the amount of input tax credits to be claimed for creditable acquisitions made and paid for by the entity in a foreign currency denomination consistent with the commissioner of Taxation's views outlined in goods and services tax ruling GSTR 2001/2 Goods and Services Tax Ruling : Goods and services tax: foreign exchange conversions? | The Commissioner ruled: | The methodology proposed by the entity to determine the amount of input tax credits to be claimed for creditable acquisitions made and paid for by the entity in a foreign currency denomination is consistent with the Commissioner's views outlined in GSTR 2001/2.


Relevant legislative provisions: Subsection 29-70(1) of the A New Tax System (Goods and Services Tax) Act 1999