Goods and Services Tax: Foreign Currency (Customs Value of Low Value Goods) Determination 2018 
Reference: LVG 2018/1
Document type: Determination
Enabling act: A New Tax System (Goods and Services Tax) Act 1999
Date of issue: 30 May 2018
Signatory: Timothy Dyce Deputy Commissioner of Taxation
Registration number: F2018L00725
Registration date: 7 June 2018


1. Name of determination: This determination is the Goods and Services Tax: Foreign Currency (Customs Value of Low Value Goods) Determination 2018 . | 2. Commencement: This determination commences on 1 July 2018. | 3. Determination (who is covered by this determination): This determination applies to an entity that uses the method in section 4 of this determination to work out the customs value of goods under subsection 84-79(4) of the GST Act. | 4. Method for converting an amount to Australian currency: You can convert an amount expressed in foreign currency to Australian currency using the following method: Amount expressed in a foreign currency × [1 ÷ your particular exchange rate on the conversion day] Amount expressed in a foreign currency × [1 ÷ your particular exchange rate on the conversion day] You must use your particular exchange rate consistently. | 5. Definitions: another central bank is a central bank or monetary authority outside the indirect tax zone that exercises functions that correspond with, or are similar to, the Reserve Bank of Australia. conversion time is the time when the consideration for the supply was first agreed. exchange rate means the unit of foreign currency per Australian dollar, which has been published within 7 calendar days of the conversion time. If a rate other than the most recently published rate is used, the practice for sourcing the rate must be consistent. foreign currency means a currency other than Australian currency. foreign exchange data vendor means an organisation that provides foreign currency data to financial firms, traders and investors. foreign exchange organisation means an organisation that provides exchange rates publicly. mid-market rate means a rate based on the midpoint between the bid and ask rates for the Australian dollar. This includes mid-market rates between the Australian dollar and a foreign currency calculated by reference to a third currency, such as the United States dollar. RBA rate means the foreign exchange rate specified by the Reserve Bank of Australia. Reserve Bank of Australia means the body corporate continued in existence under the Reserve Bank Act 1959. your particular exchange rate is one of the following: (a) the RBA rate, or a reference rate published by another central bank, or (b) an exchange rate that is consistently higher than the RBA rate published by a foreign exchange organisation, or (c) a mid-market rate of a foreign exchange organisation or a foreign exchange data vendor. (a) the RBA rate, or a reference rate published by another central bank, or (b) an exchange rate that is consistently higher than the RBA rate published by a foreign exchange organisation, or (c) a mid-market rate of a foreign exchange organisation or a foreign exchange data vendor. All other expressions in this determination have the same meaning as in the GST Act.