Currency conversion
269TAF Currency conversion
If, for the purposes of this Part, comparison of the export prices of goods exported to Australia and corresponding normal values of like goods requires a conversion of currencies, that conversion, subject to subsection (2), is to be made using the rate of exchange on the date of the transaction or agreement that, in the opinion of the Minister, best establishes the material terms of the sale of the exported goods.
If, in relation to goods exported to Australia, a forward rate of exchange is used, the Minister may, in a conversion of currencies under subsection (1), make use of that rate of exchange.
If:
the comparison referred to in subsection (1) requires the conversion of currencies; and
the rate of exchange between those currencies has undergone a short‑term fluctuation;
the Minister may, for the purpose of that comparison, disregard that fluctuation.
If:
the comparison referred to in subsection (1) requires the conversion of currencies; and
the Minister is satisfied that the rate of exchange between those currencies has undergone a sustained movement;
the Minister may, by notice published on the Anti‑Dumping Commission’s website, declare that this subsection applies with effect from a day specified in the notice and, if the Minister does so, the Minister may use the rate of exchange in force on that day for the purposes of that comparison during the period of 60 days starting on that day.
Nothing in subsection (4) prevents the Minister specifying a day in a notice that is earlier than the day of publication of the notice if the day specified:
is a day after the start of the sustained movement; and
is not a day occurring within 60 days after the day specified in a prior notice.
Nothing in subsection (4) prevents the Minister publishing more than one notice if a sustained movement in the rate of exchange continues for more than 60 days.
The Commissioner may, if he or she considers it desirable so to do for the avoidance of doubt, specify, by notice published on the Anti‑Dumping Commission’s website, a means of establishing a rate that is taken to be, or to have been, the rate of exchange between the Australian currency and another currency or between other currencies:
on a day, or during a period, preceding the day of publication of the notice; or
from and including the day of publication of the notice, or an earlier day specified in the notice, until the revocation of the notice.
The rate of exchange established between currencies in a notice under subsection (7) is, for the purpose of working out the amount of duty or interim duty payable on any goods exported on the day or during the period to which the rate so specified applies, the rate of exchange that applies for the purposes of this section in respect of the currencies specified in the notice.
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