Not according to the info from the ATO/RBA as posted earlier and again below. But rules do change or get interpreted differently I suppose.
I am not complicating my life and I am trying to uncomplicated others, it is some posters that have placed the unnecessary doubt, worry and concern, but thanks for your assistance in easing folks minds on this subject.
Private and domestic
For most individual taxpayers forex gains or losses will generally be ignored if the gain or loss is of a private or domestic nature, but where the gain or loss results from carrying on a business or a profit-making undertaking or plan, the gain or loss will be assessable income or an allowable deduction.
There are limited circumstances where forex gains or losses of a private or domestic nature are subject to Australia's capital gains tax (CGT) provisions. Foreign currency bank accounts are a CGT asset and may be subject to the capital gains provisions each time a CGT event happens to them. CGT event C2 happens each time an amount is withdrawn from a foreign currency bank account. If the gain is assessable, or the loss is allowable, under the CGT provisions the forex gain or loss will be subject to the forex provisions.
Where the forex provisions do apply there is a provision that may allow the taxpayer to disregard any forex gain or loss. The '$250,000 balance' or 'limited balance' election enables a taxpayer to disregard specified forex gains or losses on certain foreign currency denominated bank accounts with low balances. Any capital gain or loss made as a result of CGT event C2 happening is also disregarded.