Social Security Foreign Currency Exchange Rate Determination 2011 (No. 1)

Link to law: https://www.comlaw.gov.au/Details/F2011L00846

Commonwealth of Australia
 
Social Security Act 1991
 
Social Security Foreign Currency Exchange Rate Determination 2011 (No. 1)
 
I, Patrick Michael Phillips, Aged Care Program and International Branch, Centrelink, and a delegate of the Chief Executive Officer of Centrelink, make this determination under subsection 1100(5) of the Social Security Act 1991.
 
 
Dated             6 May 2011
 
 
 
 
Patrick Phillips
Business Manager
Aged Care Program and International Branch
Centrelink
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contents
Page
Part 1       Preliminary. 3
1.1        Name of determination. 3
1.2        Commencement 3
1.3        Definition. 3
1.4        Revocation. 3
Part 2       Appropriate market exchange rates for Part 3, 4, 5, 6, 7 and 8. 4
2.1        Purpose of Part 2. 4
2.2        Application. 4
Part 3       Appropriate market exchange (on-demand airmail buying rate) 5
3.1        Application. 5
3.2        Appropriate market exchange rate. 5
Part 4       Appropriate market exchange rate (miscellaneous exchange rate) 8
4.1        Application. 8
4.2        Appropriate market exchange rate. 8
Part 5       Appropriate market exchange rate (telegraphic transfer rate) 12
5.1        Application. 12
5.2        Appropriate market exchange rate. 12
Part 6       Appropriate market exchange rate (Reserve Bank of Australia rate) 13
6.1        Application. 13
6.2        Appropriate market exchange rate. 13
Part 7       Appropriate market exchange rate (Bank of America rate) 15
7.1        Application. 15
7.2        Appropriate market exchange rate. 15
Part 8          Appropriate market exchange rate (Central Bank of Bosnia and Herzegovina rate) 17
8.1        Application. 17
8.2        Appropriate market exchange rate. 17
Part 9       Other payments to which subsection 1100(2) of the Act does not apply. 18
9.1        Purpose. 18
9.2        Payments. 18
9.3        Rate of exchange (March to September) 19
9.4        Rate of exchange (September to March) 19
9.5        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 2011 (No. 1).
1.2                   Commencement
                        This determination commences on 1 July 2011.
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 2010 (No. 1) made on 9 December 2010.
 
Part 2         Appropriate market exchange rates for Part 3, 4, 5, 6, 7 and 8
2.1                   Purpose of Part 2
(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 15th 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 on-demand airmail 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)

Liechtenstein (Swiss Franc)

Luxembourg (Euro)

Malta (Euro)

Monaco (Euro)

Netherlands (Euro)

New Caledonia (CFP Franc)

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 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 (Guilder)

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 (telegraphic 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 telegraphic 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)
Poland (Zloty)

Sri Lanka (Rupee)
Turkey (Lira)

 
Part 6         Appropriate market exchange rate (Reserve Bank of Australia rate)
6.1                   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 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)
Cape Verde (Escudo)
Comoros (Comorian Franc)

Croatia (Kuna)

Democratic Republic of the Congo (Congolese Franc)
Eritrea (Nakfa)

Gambia (Dalasi)

Grenada (Eastern Caribbean Dollar)

Latvia (Lat)
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)

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 15th 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 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)                   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.
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 Istituto Nazionale della Previdenza Sociale
9.5                   Payments and rate of exchange
(1)                   It is not appropriate for subsection 1100(2) to apply to a payment made to a person by the Istituto Nazionale della Previdenza Sociale.
(2)                   It is appropriate to use the rate of exchange:
                        (a)       set by the Istituto Centrale delle Banche Popolari Italiane; and
                        (b)       available in Milan at the start of business on the day when tha Istituto Nazionale della Previdenza Sociale makes the payment.
Read Entire Law on www.comlaw.gov.au