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Overseas currency rates 2009 - rolling 12-month average and mid-month

For period 1 April 2008 to 31 March 2009

About this worksheet

These tables contain the exchange rates to convert foreign currency amounts to New Zealand dollar value.

Microsoft Word | 222kb | 3 pages

When to use this worksheet

Use these tables to convert overseas income to New Zealand dollars.

The rates in these tables cover most circumstances where you need to convert foreign currency amounts to New Zealand dollars including:

  • FIF income or loss calculated under the accounting profits, comparative value, fair dividend rate, deemed rate of return, or cost methods under sections EX 49(8) and EX 57 of the Income Tax Act 2007
  • branch equivalent income or loss calculated under the CFC or FIF rules pursuant to section EX 21(4) of the Income Tax Act 2007 for accounting periods of 12 months
  • foreign tax credits calculated under the branch equivalent method for a CFC or FIF under section LK 3 and EX 50(8) and (9) of the Income Tax Act 2007 for accounting periods of 12 months.

If you need an exchange rate for a country not listed on the table, contact one of New Zealand's major trading banks.

Note: if you are calculating FIF or CFC income or loss you have a choice of currency conversion methods.

You can choose either:

  • the average rate for the 12 months or the relevant period, or
  • the actual rate for the day for each transaction (including closing market value).

For the actual rate we accept the table A mid month rate as equivalent to an actual rate for transactions occurring in that month.

You must apply the chosen conversion method to all interests for which you use that FIF or CFC calculation method in that and each later income year.


If you choose the table A - 12 month average rate

The figures shown in the non-shaded box on table A (the bottom row for each country) is the average of the mid month exchange rates for that month and the previous 11 months.


If you choose the actual rate for the day

Use either:

  • the actual rate for the day - you will need to contact one of New Zealand's major trading banks for the days rate, or
  • the mid month rate as equivalent to the actual rate table A mid month.

The figure shown in the shaded box on table A (the top row for each country) is the exchange rate on the 15th day of the month, or if no exchange rate was quoted on that day, on the next day on which it was quoted.

Use the mid month rate when branch equivalent income or loss is calculated under the CFC or FIF rules pursuant to section EX 21(4) of the Income Tax Act 2007 where the accounting period is less than or greater than 12 months.

You can also use the mid month rate where you have the foreign income amount for each month. If you only have an annual figure then use the 12 month average rate.

What you will need

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

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.