social security foreign currency exchange rate

Commonwealth of Australia

Social Security Act 1991

Social Security Foreign Currency Exchange Rate

Determination 2014 (No. 2)

I, Noel John Rossiter, Older Australians and International Branch,

Department of Human Services, and a delegate of the Chief Execut ive

Centrel ink , make this determination under subsection 1100(5) of the

Social Security Act 1991.

Dated 16th October 2014

Noel John Rossiter

Director, International Programme

Older Australians and International Branch

Department of Human Services

Federal Register of Legislative Instruments F2014L01515

Social Security Foreign Currency Exchange Rate Determination 2014 (No. 2)

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

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 (daily exchange 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 (Bank of America rate) ............................... 15

Application ................................................., ............................................................. 15


Appropriate market exchange rate (Central Bank of Bosnia and Herzegovina rate) ... 17

Application .................................................................................................................. 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



Part 1 Preliminary

1.1 Name of determination

This determination is the Social Security Foreign Currency Exchange Rate Determination 2014 (No.2).

1.2 Commencement

This determination commences on 1 January 2015.

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 2014 (No. 1) made on 18 March 2014.



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 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 (daily exchange 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)

Lithuania (Euro)

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)

Spain (Euro)

Sweden (Krona)

Switzerland (Swiss Franc)

Thailand (Baht)



TABLE A

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


(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


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)

Curacao (Netherlands

Antillean Guilder)

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)



TABLE B

Hungary (Forint)

Iceland (Krona)

Indonesia (Rupiah)

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)

Nicaragua (Cordoba)

Niger (CFA Franc).



TABLE B

Republic of the Congo (CFA Franc)

Romania (New Leu (Ron))

Senegal (CFA Franc)

Seychelles (Rupee)

Sint Maarten (Netherlands Antillean Guilder)

South Korea (Won)

Suriname (Dollar)

Swaziland (Lilangeni)

Syria (Pound)

Taiwan (New Taiwan Dollar)

Tanzania (Shilling)

Togo (CFA Franc)

Tonga (Pa'anga)

Tunisia (Dinar)

Uganda (Schilling)

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


(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.



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)



Appropriate market exchange rate (Reserve Bank of Australia rate)

Application

6.1 This Part applies to an amount paid to a person if:


mentioned in Table D.


(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 (Belarusian Ruble)

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)

Mauritania (Ouguiya)

Pakistan (Rupee)

Papua New Guinea (Kina)

Republic of Azerbaijan (Azerbaijan Manat)

Russia (Ruble)

Rwanda (Rwanda Franc)

Serbia (Serbian Dinar)

Ukraine (Hryvnia)

Vanuatu (Vatu)


Social Security Foreign Currency Exchange Rate Determination 2014 (No.2)

Part 7 Appropriate market exchange rate (Bank of America rate)

7.1 Application



mentioned in Table E.


(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 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


(a) the payment is not mentioned in Part 9; and (b) the amount is in the converted mark of Bosnia and

Herzegovina.


(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.


(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)


(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


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