Commonwealth of Australia Social Security Act 1991 Social Security Foreign Currency Exchange Rate Determination 2006 (No. 1) I, Patrick Michael Phillips, Business Manager, 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 17 January 2006. P Phillips Business Manager, International Branch
Part 1 Preliminary 1.1 Name of determination This determination is the Social Security Foreign Currency Exchange Rate Determination 2006 (No. 1). 1.2 Commencement This determination commences on 1 February 2006. 1.3 Definitions 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 2004 (No. 1) made on 18 March 2004; the Social Security Foreign Currency Exchange Rate Determination 2004 (No. 2) made on 26 October 2004; the Social Security Foreign Currency Exchange Rate Determination 2005 (No. 1) made on 31 January 2005; the Social Security Foreign Currency Exchange Rate Determination 2005 (No. 2) made on 22 March 2005; and the Social Security Foreign Currency Exchange Rate Determination 2005 (No. 3) made on 17 November 2005.
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)
Denmark (Krone)
East Timor (US Dollar)
Economic and Monetary Union (Euro)
Ecuador (US Dollar)
Finland (Euro)
France (Euro)
French Polynesia (CFP Franc)
Germany (Euro)
Greece (Euro)
Greenland (Danish Krone)
TABLE A
Guadeloupe (Euro)
Guernsey (British Pound)
Hong Kong (Dollar)
Ireland (Euro)
Isle of Man (British Pound)
Italy (Euro)
Japan (Yen)
Jersey (British Pound)
Liechtenstein (Swiss Franc)
Luxembourg (Euro)
Malta (Maltese Lira)
Monaco (Euro)
Netherlands (Euro)
New Caledonia (CFP Franc)
New Zealand (Dollar)
Norway (Krone)
Portugal (Euro)
Singapore (Dollar)
South Africa (Rand)
Spain (Euro)
Sweden (Krona)
Switzerland (Swiss Franc)
Thailand (Baht)
Tokelau (New Zealand Dollar)
United Kingdom (Pound)
United States of America (Dollar)
TABLE A 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)
Bhutan (Ngultrum)
Bolivia (Boliviano)
Brazil (Real)
Brunei (Dollar)
Bulgaria (Lev)
Cambodia (Riel)
Central African Republic (CFA Franc)
Chile (Peso)
TABLE B
Colombia (Peso)
Costa Rica (Colon)
Cote D'Lvoire (CFA Franc)
Cuba (Peso)
Cyprus (Pound)
Czech Republic (Koruna)
Djibouti (Djibouti Franc)
Dominican Republic (Peso)
Egypt (Pound)
El Salvador (Colon)
Ethiopia (Birr)
Gabon (CFA Franc)
Ghana (Cedi)
Gibraltar (Pound)
Guatemala (Quetzal)
Guyana (Dollar)
Haiti (Gourde)
Honduras (Lempira)
Hungary (Forint)
Iceland (Krona)
Indonesia (Rupiah)
Iran (Rial)
Iraq (New Iraqi Dinar)
Israel (Shekel)
Jamaica (Dollar)
Jordan (Dinar)
TABLE B
Kenya (Shilling)
Lebanon (Pound)
Libya (Dinar)
Macau (Pataca)
Malawi (Kwacha)
Maldives (Rufiya)
Mauritius (Rupee)
Mexico (Peso)
Mongolia (Tugrik)
Morocco (Dirham)
Mozambique (Metical)
Nepal (Rupee)
Netherlands Antilles (Guilder)
Nicaragua (Cordoba)
Nigeria (Naira)
North Korea (Won)
Panama (Balboa)
Paraguay (Guarani)
People's Democratic Republic of Yemen (Dinar)
Peru (New Sol)
Poland (Zloty)
Qatar (Riyal)
Republic of the Congo (CFA Franc)
Romania (New Leu (Ron))
Seychelles (Rupee)
South Korea (Won)
TABLE B
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)
Kuwait (Dinar)
Sri Lanka (Rupee)
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)
Estonia (Kroon)
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)
TABLE D
Papua New Guinea (Kina)
Republic of Azerbaijan (Azerbaijani manat)
Russia (Rouble)
Rwanda (Rwanda Franc)
Serbia and Montenegro (Serbian Dinar)
Turkey (New Turkish Lira)
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
Barbados (Dollar)
Botswana (Pula)
Burma (Kyat)
Croatia (Kuna)
Democratic Republic of the Congo (Congolese Franc)
East Timor (US Dollar)
Grenada (Eastern Caribbean Dollar)
Latvia (Lat)
Madagascar (Ariary)
Malaysia (Ringgit)
Oman (Rial)
People's Republic of China (Renminbi)
Philippines (Peso)
Republic of Moldova (Leu)
Saint Vincent and The Grenadines (Eastern Caribbean Dollar)
TABLE E
Saudi Arabia (Riyal)
Slovakia (Koruna)
Slovenia (Tolar)
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.
