Page 10 - Chapter 22 - Foreign Exchange (Cont.)

Basic Principles Of Section 24I

•Amount received by or accrued to

•Expense or loss incurred Translate at spot rate on

in currency other than RAND transaction date

Natural person/non-trading trust may elect to

use average rate instead (consistent for y.o.a.)

Transaction End of YOA Realised

Exchange item

Exchange difference = difference between:

• ruling exchange rate for exchange item at end of YOA or realisation date

and
•ruling exchange rate for exchange item at previous translation date