Social Security Foreign Currency Exchange Rate Determination 2013 (No. 2)

Link to law: https://www.comlaw.gov.au/Details/F2013L02076

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Commonwealth of Australia
 
Social Security Act 1991
 
Social    Security    Foreign    Currency    Exchange    Rate Determination 2013 (No. 2)
 
 
 
I, Patrick Michael Phillips, Older Australians and International Branch, Department of Human Services, and a delegate of the Chief Executive of Centrelink, make this determination under subsection 1100(5) of the Social Security Act 1991.
 
 
 
Dated 3rdDecember 2013
 
 
 
Patrick Phillips Business Manager
Older Australians and International Branch Department of Human Services
 
 
 
 
Contents
 
Page
 
Part 1
 
1.1
1.2
1.3
1.4
 
Part 2
 
2.1
2.2
 
Part 3
 
3.1
3.2
 
Part4
 
4.1
4.2
Part 5
 
5.1
5.2
 
Part 6
 
6.1
6.2
 
Part 7
 
7.1
7.2
 
Part 8
 
8.1
8.2
 
Part 9
 
9.1
9.2
9.3
9.4
9.5
Preliminary........................................................................................................ 3
Name of determination...................................................................................... 3
Commencement................................................................................................ 3
Definition.......................................................................................................... 3
Revocation....................................................................................................... 3
Appropriate market exchange rates for Part 3, 4, 5, 6, 7 and 8............................ 4
Purpose of Part 2............................................................................................. 4
Application....................................................................................................... 4
Appropriate market exchange (on-demand airmail buying rate)........................... 5
Application....................................................................................................... 5
Appropriate market exchange rate..................................................................... 5
Appropriate market exchange rate (miscellaneous exchange rate)....................... 8
Application....................................................................................................... 8
Appropriate market exchange rate..................................................................... 8
Appropriate market exchange rate (international money transfer rate) ............... 12
Application ..................................................................................................... 12
Appropriate market exchange rate .................................................................. 12
Appropriate market exchange rate (Reserve Bank of Australia rate) ................. 13
Application ..................................................................................................... 13
Appropriate market exchange rate .................................................................. 13
Appropriate market exchange rate (Bank of America rate) ................................ 15
Application  ................................................., ................................................. 15
Appropriate market exchange rate .................................................................. 15
Appropriate market exchange rate (Central Bank of Bosnia and Herzegovina rate) ... 17
Application ..................................................................................................... 17
Appropriate market exchange rate .................................................................. 17
Other payments to which subsection 1100(2) of the Act does not apply ............... 18
Purpose ......................................................................................................... 18
Payments ....................................................................................................... 18
Rate of exchange (March to September) .......................................................... 19
Rate of exchange (September to March) .......................................................... 19
Payments and rate of exchange ...................................................................... 19
 
 
Part 1         Preliminary
 
1.1                          Name of determination
 
This determination is the Social Security Foreign Currency Exchange Rate Determination 2013 (No.2).
 
1.2                          Commencement
 
This determination commences on 1 January 2014.
 
1.3                          Definition
 
In this determination:
 
Act means the Social Security Act 1991.
 
Economic and Monetary Union means those countries, participating in the single currency of Europe as determined, from time to time, by the Council of the European Union.
 
1.4                          Revocation
 
This    determination revokes the Social Security Foreign Currency Exchange Rate Determination 2013 (No. 1) made on 2 July 2013.
 
Part 2         Appropriate market exchange rates for Part 3, 4, 5,
6, 7 and 8
 
2.1
 
(1)Purpose of Part 2
 
Section 1100 of the Act deals with amounts received by a person in a foreign currency, and how to find the value in Australian currency of the amounts.
 
(2)                                       Subsection 1100(2) of the Act provides that the  value  in Australian currency of the amount received is to be calculated using  the  appropriate   market  exchange   rate  for  the  foreign
currency on the 5th business day before the calculation day.
 
Note:    The calculation  day is the first  business  day for each month-see Act, s 1100(6).
 
(3)                                       However, subsection 1100(2) also allows the Secretary (or his delegate) to determine that it is not appropriate for the subsection to apply to:
 
(a)               a specified foreign currency; or
(b)               a specified payment, or a class of  payments,  received in a foreign currency.
 
Note:      If subsection  1100(2)  does  not apply, the procedures for  identifying the rate of exchange mentioned in subsection 1100(3) do not apply.
 
(4)                                        If subsection 1100(2) does not apply, subsection 1100(4) of the Act allows the Secretary (or his delegate) to determine an appropriate rate of exchange to work out the value in Australian currency of the foreign currency of the payment in foreign currency.
 
2.2                   Application
 
(1)      It  is  not  appropriate  for  subsection  1100(2)  to  apply  to  the identified currencies in Part 3, 4, 5, 6, 7 and 8.
 
Part 3 Appropriate market exchange (on-demand airmail buying rate)
 
3.1                          Application
 
This Part applies to an amount paid to a person if:
 
(a)               the payment is not mentioned in Part 9; and
(b)               the  amount  is  in  the  currency  of  a  country  or  place mentioned in Table A.
 
3.2                   Appropriate market exchange rate
 
(1)                                       This section deals with the appropriate market exchange rate on a particular day for a foreign currency mentioned in Table A.
 
(2)                                       It is appropriate to use the buying rate for the currency available at the Commonwealth Bank of Australia at the start of business in Sydney on the 5th business day before the calculation day.
 
TABLE A
 
Austria (Euro) Belgium (Euro) Bermuda (US Dollar) Canada (Dollar)
Cook Islands (New Zealand Dollar)
 
Cyprus (Euro)
 
Denmark (Krone) East Timor (US Dollar)
Economic and Monetary Union (Euro) Ecuador (US Dollar)
Estonia (Euro)
 
Falkland Islands (British Pound) Finland (Euro)
 
France (Euro)
 
French Polynesia (CFP Franc)
 
TABLE A
 
 
Germany (Euro) Greece (Euro)
Greenland (Danish Krone) Guadeloupe (Euro) Guernsey (British Pound) Hong Kong (Dollar)
Ireland (Euro)
 
Isle of Man (British Pound)
 
Italy (Euro) Japan (Yen)
Jersey (British Pound)
 
Kosovo (Euro) Latvia (Euro)
 
Liechtenstein (Swiss Franc) Luxembourg (Euro)
Malta (Euro) Monaco (Euro) Netherlands (Euro)
New Zealand (Dollar) Norway (Krone)
Portugal (Euro)
 
Saint Helena (British Pound) Singapore (Dollar)
Slovakia (Euro)
 
Slovenia (Euro) South Africa (Rand)
 
TABLE A
 
 
Spain (Euro) Sweden (Krona)
 
Switzerland (Swiss Franc) Thailand (Baht)
 
Tokelau (New Zealand Dollar) United Kingdom (Pound)
United States of America (Dollar) Vatican City State (Euro)
 
Part 4         Appropriate   market  exchange  rate  (miscellaneous exchange  rate)
 
4.1                          Application
 
This Part applies to an amount paid to a person if:
 
(a)               the payment is not mentioned in Part 9; and
(b)               the  amount  is  in the  currency  of  a  country  or  place mentioned in Table B.
 
4.2                   Appropriate market exchange rate
 
(1)                                       This section deals with the appropriate market exchange rate on a particular day for a foreign currency mentioned in Table B.
 
(2)                                        It is appropriate to use the miscellaneous exchange rate for the currency available at the Commonwealth Bank of Australia at

h
   the start of business in Sydney on the 5th business day before the calculation day.
 
TABLE B
 
 
Albania (Lek) Algeria (Dinar) Argentina (Peso) Bahamas (Dollar) Bahrain (Dinar) Bangladesh (Taka) Belize (Dollar)
Benin (CFA Franc) Bhutan (Ngultrum)
 
Bolivia (Boliviano) Brazil (Real) Brunei (Dollar)
Bulgaria (Lev) Burkina Faso (CFA Franc)
 
Cambodia  (Riel)
 
 
 
TABLE B
 
Cameroon (CFA Franc) Central African Republic (CFA Franc)
Chad (CFA Franc) Chile (Peso) Colombia (Peso) Costa Rica (Colon)
Cote d'ivoire (CFA Franc) Cuba (Peso)
Czech Republic (Koruna) Djibouti (Djibouti Franc) Dominican Republic (Peso)
Egypt (Pound}
El Salvador (Colon) Equatorial Guinea (CFA Franc)
 
Ethiopia (Birr) Gabon (CFA Franc) Ghana (Cedi} Gibraltar (Pound}
Guatemala (Quetzal) Guinea-Bissau (CFA Franc)
 
Guyana (Dollar) Haiti (Gourde) Honduras (Lempira) Hungary (Forint) Iceland (Krona) Indonesia (Rupiah)
TABLE B



 
Iran (Rial)
 
Iraq (New Iraqi Dinar) Jamaica (Dollar) Jordan (Dinar) Kenya (Shilling) Lebanon (Pound)
Libya (Dinar) Macau (Pataca) Malawi (Kwacha)
Mali (CFA Franc) Maldives (Rufiya)
 
Mauritius (Rupee) Mexico (Peso) Mongolia (Tugrik) Morocco (Dirham) Mozambique (Metical) Nepal (Rupee)
Netherlands Antilles (Guilder) Nicaragua (Cordoba)
Niger (CFA Franc).
 
Nigeria (Naira) North Korea (Won) Panama (Balboa) Paraguay (Guarani)
People's Democratic Republic of Yemen (Dinar) Peru (New Sol)
 
TABLE B
 
 
Qatar (Riyal)
 
Republic of the Congo (CFA Franc) Romania (New Leu (Ron))
Senegal (CFA Franc) Seychelles (Rupee) South Korea (Won) Suriname (Dollar) Swaziland (Lilangeni) Syria (Pound)
Taiwan (New Taiwan Dollar) Tanzania (Shilling) Togo (CFA Franc) Tonga (Pa'anga)
Tunisia (Dinar) Uganda (Shilling)
United Arab Emirates (Dirham) Uruguay (Peso)
Venezuela (Bolivar) Vietnam (Dong) Western Samoa (Tala) Yemen (Riyal)
Zambia (Kwacha) Zimbabwe (Dollar)
Part 5         Appropriate      market    exchange     rate    {international money transfer  rate)
 
5.1                         Application
 
This Part applies to an amount paid to a person if:
 
(a)               the payment is not mentioned in Part 9; and
(b)               the  amount  is  in the  currency  of  a  country  or  place mentioned in Table C.
 
5.2                   Appropriate market exchange rate
 
(1)                                       This section deals with the appropriate market exchange rate on a particular day for a foreign currency mentioned in Table C.
 
(2)                                       It is appropriate to use the international money transfer exchange rate for the currency available at the Commonwealth Bank of Australia at the start of business in Sydney on the 5th business day before the calculation day.
 
 
TABLE C
 
 
India (Rupee) Israel (Shekel}
 
Kuwait (Dinar)
 
New Caledonia (CFP Franc) Poland (Zloty)
 
Sri Lanka (Rupee) Turkey (Lira)
Social Security Foreign Currency Exchange Rate Determination 2013 (No.2)
 
Part 6
 
 
 
 
 
6.1
Appropriate   market  exchange  rate  (Reserve  Bank of Australia rate)
 
Application
 
This Part applies to an amount paid to a person if:
 
(a)               the payment is not mentioned in Part 9; and
(b)               the amount is in the currency of a country or place
mentioned in Table D.
 
6.2                   Appropriate market exchange rate
 
(1)                                       This section deals with the appropriate market exchange rate on a particular day for a foreign currency mentioned in Table D.
 
(2)                                       It is appropriate to use the rate of exchange for the currency available at the Sydney office of the Reserve Bank of Australia at the start of business in Sydney on the 5th business day before the calculation day.
 
 
TABLE D
 
 
Afghanistan  (Afghani) Armenia  (Dram)
Belarus (Belaurusian  Rouble) Cayman Islands (Dollar)
Fiji (Dollar)
 
Former Yugoslav Republic of Macedonia (Denar) Georgia (Lari)
Guinea (Franc) Kazakhstan (Tenge)
Kyrgyzstan (Kyrgyzstani Som) Laos (Kip or New Kip) Lithuania (Litas)
Mauritania (Ouguiya) Pakistan (Rupee)
Papua New Guinea (Kina)
 
TABLE D
 
 
Republic of Azerbaijan (Azerbaijan Manat) Russia (Rouble)
Rwanda (Rwanda Franc) Serbia (Serbian Dinar) Ukraine (Hryvnia) Vanuatu (Vatu)

Part 7         Appropriate      market     exchange      rate     (Bank     of America  rate)
 
7.1                          Application
 
This Part applies to an amount paid to a person if:
 
(a)               the payment is not mentioned in Part 9; and
(b)               the amount is in the currency of a country or place mentioned in Table E.
 
7.2                          Appropriate market exchange rate
 
(1)                                       This section deals with the appropriate market exchange rate on a particular day for a foreign currency mentioned in Table E.
 
(2)                                       It is appropriate to use the rate of exchange for the currency available at the Sydney office of the Bank of America at the start of business in Sydney on the 5th business day before the calculation day.
 
TABLE E
 
 
Aruba (Florin) Barbados (Dollar) Botswana (Pula)
 
Burma (Kyat) Burundi (Franc)
Cape Verde (Escudo) Comoros (Comorian Franc)
 
Croatia (Kuna)
 
Democratic Republic of the Congo (Congolese Franc) Eritrea (Nakfa)
 
Gambia (Dalasi)
Grenada (Eastern Caribbean  Dollar) Lesotho (Loti)
Liberia (Liberian Dollar) Madagascar  (Ariary)
 
TABLE E
 
 
Malaysia (Ringgit) Namibia (Namibian Dollar)
Oman (Rial)
 
People's Republic of China (Renminbi) Philippines (Peso)
Republic of Moldova (Leu) Sao Tome and Principe (Dobra)
Saint Vincent and The Grenadines (Eastern Caribbean Dollar)
 
 
Saudi Arabia (Riyal) Sierra Leone (Leone)
 
Solomon Islands (Dollar)
 
Somalia (Somali Shilling)
 
South Sudan (South Sudanese Pound) Sudan (Pound)
Tajikistan (Somoni) Trinidad and Tobago (Dollar)
Turkmenistan (Turkmen Manat) Uzbekistan (Uzbekistan Som)
 
Part 8         Appropriate market exchange rate (Central Bank of Bosnia and Herzegovina rate)
 
8.1                          Application
 
This Part applies to an amount paid to a person if:
 
(a)               the payment is not mentioned in Part 9; and
(b)               the  amount  is  in  the  converted  mark  of  Bosnia  and
Herzegovina.
 
8.2                   Appropriate  market exchange rate
 
(1)                                       This section deals with the appropriate market exchange rate on a particular day for the amount.
 
(2)                                       It is appropriate to use the rate of exchange:
 
(a)                set by the Central Bank of Bosnia and Herzegovina; and
(b)               available at the start of business in Sydney on the 5th business day before the calculation day.
Part 9    Other payments to which subsection 1100(2) of the Act does not apply
 
Division 1-Purpose of Part 9
 
9.1                   Purpose
 
(1)                                       Section 1100 of the Act deals with amounts received by a person in a foreign currency, and how to find the value in Australian currency of the amounts.
 
(2)                                       Subsection 1100(2) of the Act provides that  the  value  in Australian currency of the amount received is to be calculated using the appropriate market exchange rate for the foreign currency on the 5th business day before the calculation day.
 
Note:    The calculation  day is the first business day for each month-see Act, s 1100(6).
 
(3)                                       However, subsection 1100(2) also allows the Secretary (or his delegate) to determine that it is not appropriate  for  the subsection to apply to:
 
(a)               a specified foreign currency; or
(b)               a specified payment, or a class of payments,  received in
a foreign currency.
 
Note:      If subsection  1100(2)  does  not apply, the procedures for  identifying the rate of exchange mentioned in subsection 1100(3) do not apply.
 
(4)                                        If subsection 1100(2) does not apply, subsection 1100(4) of the Act allows the Secretary (or his delegate) to determine an appropriate rate of exchange to work out the value in Australian currency of the foreign currency of the payment in foreign currency.
 
(5)                                        Divisions 2 and 3 identify identify payments for which it is not appropriate for subsection 1100(2) to apply, and the appropriate rate of exchange.
 
 
Division 2-Payments by the Commonwealth
 
9.2                   Payments
 
(1)                                        It  is  not  appropriate  for  subsection    1100(2)  to  apply  to  a payment:
 
(a)               made by the Commonwealth; and
(b)               worked out manually or without using a computer system.
 
 
 
9.3                   Rate of exchange (March to September)
 
(1)                                       This section applies to a payment made in the period:
 
(a)                starting on the first business day of the month following the 20 March in a year; and
(b)               ending immediately before the first business day of the
next month following the 20 September in a year.
 
(2)                                       This section applies to a payment made in the period:
 
(a)                mentioned in Part 3, 4, 5, 6, 7 or 8 as the basis for finding the appropriate market exchange rate for the currency; and
(b)               available at the Commonwealth Bank of Australia at the start of business in Sydney on the 5th business day before the calculation day.
 
9.4                   Rate of exchange (September to March)
 
(1)                                       This section applies to a payment made in the period:
 
(a)                starting on the first business day of the month following the 20 September in a year; and
(b)               ending immediately before the first business day of the
next month following the 20 March in a year.
 
(2)                                       It is appropriate to use the rate:
 
 
(a)                mentioned in Part 3, 4, 5, 6, 7 or 8 as the basis for finding the appropriate market exchange rate for the currency; and
(b)               available at the Commonwealth Bank of Australia at the start of business in Sydney on the 5th business day before the calculation day.
Division  3-Payments  in Italian currency  by the  lstituto  Nazionale  della Previdenza Sociale
 
9.5
Payments and rate of exchange
 

 
(1)
 
It is not appropriate for subsection payment made to a person by the Previdenza Sociale.
 
1100(2)  to  apply lstituto  Nazionale
 
to  a della

 
(2)                                       It is appropriate to use the rate of exchange:
 
(a)                set by the lstituto Centrale delle Banche Popolari ltaliane; and
(b)               available in Milan at the start of business on the  day
when the lstituto Nazionale della Previdenza Sociale
makes the payment.