About this worksheet

These tables are used to convert foreign currency amounts to New Zealand dollar values, depending on currency value each month.

Microsoft WordRich Text Format (RTF) | 222kb | 4 pages

When to use this worksheet

Use this table to convert foreign currency amounts to New Zealand dollars for:

• branch equivalent income or loss under the CFC rules pursuant to section EX 21(4) of the Income Tax Act 2004
• FIF income or loss calculated under the branch equivalent method pursuant to sections EX 21(4), EX 38(1)(b), EX 43 and CQ 2(2) of the Income Tax Act 2004
• foreign tax credits calculated under the branch equivalent method for a CFC under section LC 4(1)(b) of the Income Tax Act 2004
• foreign tax credits calculated under the branch equivalent method for a FIF under sections EX 43(8) & (9) and LC 4(1)(b) of the Income Tax Act 2004
• FIF income or loss calculated under the accounting profits, comparative value (except if Table B applies, ie where the market value of the FIF interest as at the end of the income year or/and at the end of the preceding income year is not zero) or deemed rate of return methods under section EX 42(7), EX 44(7) and EX 45(15) of the Income Tax Act 2004.

Alternatively, the exchange rate can be calculated by averaging the 15th of the month exchange rates (shaded on the table), that apply to each complete month in the foreign company's accounting period.

What you will need

You will need to work out the foreign income amount for each month.

This document is provided in Microsoft Word RTF format. This file should open with a range of word processors. MS Word Reader software is also available from Microsoft.

After you finish

You may wish to print and keep a copy of this worksheet for your records.

For best results set your printer to landscape/horizontal format.