Average exchange rates
Tuesday, 18 September 2012![Sars Rates Of Exchange Sars Rates Of Exchange](http://archive.treasury.gov.au/documents/677/images/04%20Economic%20impact%20of%20SARS-1.gif)
By SARS Legal & Policy
The term 'average exchange rate” is defined in section 1 of the Income Tax Act, 1962, (Act No. 58 of 1962) (the Act), to mean in relation of a year of assessment the average exchange rate determined by using the closing spot rates at the end of daily or monthly intervals during a year of assessment, which must be consistently applied within that year of assessment.
The South African Reserve Bank publishes weighted average exchange rates, based on the foreign exchange transactions ofcommercial banks, on a quarterly basis. These rates may be used in the determination of the average exchange rate as required in the Act and are supplied on this web page to enable stakeholders (taxpayers) to use it for this purpose.
Note: These average exchange rates do not represent spot rates for purposes of the Act.
The use of these average exchange rates is not compulsory. Stakeholders using average exchange rates which differ from those published by SARS must, however, keep record of all calculations for audit purposes.
Please click the links below to download the the latest average exchange rates:
![Sars customs rates of exchange Sars customs rates of exchange](/uploads/1/2/5/6/125656477/472907606.jpg)
The tables of the average exchange rates are updated on a quarterly basis. The next update can be expected in December 2012.
- Try our Foreign Exchange Calculator
- Rates are indications only and Nedbank Ltd accepts no responsibility for any decisions based thereon.
- US Dollars, UK Pound Sterling and the Euro are quoted as the number of Rands per one unit of currency.
- All other currencies are quoted as the number of currency units per one Rand.
- Gold rates are quoted for information purposes only.
- The TT Buying rates are applicable to the conversion of incoming foreign currency telegraphic transfers to Rand.
- Cheque Buying rates are applicable to the conversion of foreign currency travellers cheques, drafts or cheques drawn on foreign banks to Rand.
- The Selling rates are applicable to the conversion of Rand into foreign currency i.e all purchases of foreign currency from Nedbank.
- Rates are updated at 10 am daily.