Meaning of Australian Dollar Equivalent and exchange rate
12 Meaning of Australian Dollar Equivalent and exchange rate
The Australian Dollar Equivalent, in relation to an amount of money that is stated in a foreign currency, means the amount determined by converting the foreign currency amount into
Australian dollars at the exchange rate applying at the time the foreign currency amount was earned, receivable or incurred.
The exchange rate, in relation to an amount of money that is stated in a foreign currency, means one of the following rates selected by the licensee, permittee or operator in good faith and on a consistent basis:
the closing daily representative rate for the relevant day, as published by the Reserve Bank of Australia;
the buy rate for the foreign currency, as quoted by a major
Australian trading bank;
another rate agreed in writing between the licensee or permittee and the Commissioner of Territory Revenue.
This Act’s bill:Explanatory statementSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.