Social Security (Foreign Currency Exchange Rate) Determination 2017

This instrument is the Social Security (Foreign Currency Exchange Rate) Determination 2017.

Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information

Column 1 Column 2 Column 3

Provisions Commencement Date/Details

1. The whole of this instrument The day after this instrument is registered.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

This instrument is made under subsection 1100(5) of the Social Security Act 1991.

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

In this instrument:

Act means the Social Security Act 1991.

appropriate rate of exchange, for an amount in a foreign currency, on a calculation day means:

if a daily foreign cheques buying rate for the currency was available at the Commonwealth Bank of Australia at the start of business in Sydney on the fifth business day before the calculation day-that rate; or

if a daily international money transfer buying rate for the currency was available at the Commonwealth Bank of Australia at the start of business in Sydney on the fifth business day before the calculation day, and paragraph (a) does not apply-that rate; or

if a weekly miscellaneous exchange rate for the currency was available at the Commonwealth Bank of Australia at the start of business in Sydney on the fifth business day before the calculation day, and paragraphs (a) and (b) do not apply-that rate; or

if a rate of exchange for the currency was available at the Reserve Bank of Australia at the start of business in Sydney on the fifth business day before the calculation day, and paragraphs (a) to (c) do not apply-that rate; or

if paragraphs (a) to (d) do not apply-either of the following:

the rate of exchange for the currency (if any) that was available at the central bank for the currency at the start of business for that central bank on the fifth business day before the calculation day;

the rate of exchange for the currency (if any) determined by the Secretary for the purposes of subparagraph 1100(3)(b)(ii) of the Act.

business day has the same meaning as in subsection 1100(6) of the Act.

calculation day has the same meaning as in subsection 1100(6) of the Act.

For the purposes of paragraph 1100(2)(a) of the Act, it is not appropriate for subsection 1100(2) of the Act to apply in respect of an amount received in a foreign currency that is specified in the table in Schedule 1.

For the purposes of subsection 1100(4) of the Act, the value, on a calculation day, in Australian currency of an amount received in a foreign currency in respect of which section 6 applies is to be calculated using the appropriate rate of exchange for that amount on that day.

Schedule 1-Specified foreign currencies

Note: See section 6.

Item Specified foreign currencies

Schedule 2-Repeals

Social Security Foreign Currency Exchange Rate Determination 2014 (No.2)

Repeal the instrument.