Archived Discussion Topic

Money Transfer       started by Secret_Squirrel on 16 Sep 2010   (23115)
Message InfoMessage
From Secret_Squirrel

16 Sep 2010 5:52 AM
As the exchange rate is so terrible at the moment with no sign of increasing we are thinking of leaving some
From steveandclare

To Secret_Squirrel

16 Sep 2010 1:02 PM
theoretically you should decl
From Paul_F

To steveandclare

16 Sep 2010 7:49 PM
I'm by no means an expert but I think the flip side of that is that if your pounds fall in Aussie dollar terms (hard to see how it could fall any further but you never know) you can get a tax deduction. I seem to remember being told that you need to make an election as to which way you treat it, but as you don't have to file the election you could effectively wait and see which way it went before making the call. (This could be horribly out-of-date though - I'm talking about 2004).
From kildrummy

To steveandclare

16 Sep 2010 8:49 PM
What about losses. Can they be written off against tax here?.
From steveandclare

To kildrummy

16 Sep 2010 10:36 PM
yes, they can