MattFranklin

Turns out that Forex rules only apply to business transactions. Since the money was personal in nature, i.e. house and car, I've been informed that the loss cannot be claimed. Seems like I chased a rabbit down a hole and hit a dead end.

Apologies in advance as I'm sure others have asked similar questions in the past but the search function on the forums seems to return zero results for me. Unfortunately I lost out on the exchange rate when I moved over cash from the UK earlier this year. Does anyone know if I can claim the loss against tax. I moved to Oz just under 3 years ago and I left most of my cash in the UK. 9 months ago I needed the cash to pay for a new house so transferred it at a very bad rate relative to the rate when I moved here. At the time of moving I recall that I was told that if the exchange rate went up whilst I was in Oz I could be liable for CGT related to the increase in value. I also receall that the difference would be calculated based on the difference between the date that I moved to Oz and the date the money was transferred. Is this still the case and does it apply so long after I moved to oz? Since the exchange rate fell can I claim the loss? Cheers Matt