Commonwealth Consolidated Acts

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SOCIAL SECURITY ACT 1991 - SECT 1157V

Foreign currency rates

             (1)  If:

                     (a)  it is necessary, for the purposes of this Part, to work out an amount or value of a fringe benefit; and

                     (b)  the amount or value of the benefit is expressed in a foreign currency;

the amount or value in Australian currency is to be worked out using the market exchange rate for 1 July in the appropriate tax year.

             (2)  If there is no market exchange rate for 1 July in the appropriate tax year (for example, because of a national public holiday), the market exchange rate to be used is the market exchange rate that applied on the last working day immediately before that 1 July.

             (3)  For the purposes of this section, the market exchange rate of a foreign currency is the on-demand airmail buying rate for that currency available at the Commonwealth Bank of Australia.

   



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