A New Tax System (Goods and Services Tax) Act Foreign Exchange Conversion Determination (No. 1) 2001 
Reference: FOREX 2001/1
Document type: Legislative Instrument
Enabling act: A New Tax System (Goods and Services Tax) Act 1999
Date of issue: 2 February 2001
Signatory: Peter Chochula Senior Tax Counsel Goods and Services Tax Program Delegate of the Commissioner
Registration number: F2006B00096
Registration date: 13 January 2006

Citation: 1. This determination is the A New Tax System (Goods and Services Tax) Act Foreign Exchange Conversion Determination (No. 1) 2001 . | Commencement: 2. This determination commences on and from 1 July 2000. However, to the extent that this determination is inconsistent with Draft Goods and Services Tax Ruling GSTR 2000/D15, the Draft Ruling applies up until the date of issue of this determination. | Application of determination: 3. This determination applies to an entity that works out the value in Australian currency where the consideration for a taxable supply is expressed in a currency other than Australian currency. | Manner in which the value or an amount of consideration for the supply is worked out: • your particular exchange rate is the rate from the foreign exchange organisation, the RBA rate, or the rate from your agreement, whichever is applicable; and • the conversion day is the date that the foreign currency is converted into Australian currency for GST purposes.

5. You must use your particular exchange rate consistently.: Definitions 6.(1). The following expressions are defined for the purposes of this determination: RBA rate means the foreign exchange rate calculated by the Reserve Bank of Australia (RBA) when the entity works out the consideration on a conversion day: (a) that is an RBA business day, then the RBA rate is the unit of foreign currency per $A calculated by the RBA as the 4:00pm Australian Eastern time rate on that RBA business day or previous RBA business day, and (b) that is not an RBA business day, then the RBA rate is the unit of foreign currency per $A calculated by the RBA as the 4:00pm Australian Eastern time rate of the previous RBA business day. conversion day is the date you use to convert foreign currency into Australian currency for GST purposes: (a) when you account for GST on a basis other than cash your conversion day is: (i) the day on which any of the consideration is received for the supply (the receipt date); or (ii) the transaction date/the invoice date (whichever you have chosen); whichever comes first; or (b) when you account for GST on a cash basis , your conversion day is: (i) the transaction date; (ii) the invoice date; or (iii) the day on which any of the consideration is received for the supply. agreed rate means a foreign exchange rate agreed to between a supplier and a recipient of a taxable supply. The agreed rate only applies for supplies made under the agreement and for the period of the agreement. exchange rate means the unit of foreign currency per Australian dollar. RBA business day means a day that the head office of the Reserve Bank is open for business. Reserve Bank means the body corporate continued in existence under the Reserve Bank Act 1959 . RBA rate means the foreign exchange rate calculated by the Reserve Bank of Australia (RBA) when the entity works out the consideration on a conversion day: (a) that is an RBA business day, then the RBA rate is the unit of foreign currency per $A calculated by the RBA as the 4:00pm Australian Eastern time rate on that RBA business day or previous RBA business day, and (b) that is not an RBA business day, then the RBA rate is the unit of foreign currency per $A calculated by the RBA as the 4:00pm Australian Eastern time rate of the previous RBA business day. conversion day is the date you use to convert foreign currency into Australian currency for GST purposes: (a) when you account for GST on a basis other than cash your conversion day is: (i) the day on which any of the consideration is received for the supply (the receipt date); or (ii) the transaction date/the invoice date (whichever you have chosen); whichever comes first; or (b) when you account for GST on a cash basis , your conversion day is: (i) the transaction date; (ii) the invoice date; or (iii) the day on which any of the consideration is received for the supply. agreed rate means a foreign exchange rate agreed to between a supplier and a recipient of a taxable supply. The agreed rate only applies for supplies made under the agreement and for the period of the agreement. exchange rate means the unit of foreign currency per Australian dollar. RBA business day means a day that the head office of the Reserve Bank is open for business. Reserve Bank means the body corporate continued in existence under the Reserve Bank Act 1959 . (i) the day on which any of the consideration is received for the supply (the receipt date); or (ii) the transaction date/the invoice date (whichever you have chosen); whichever comes first; or (i) the transaction date; (ii) the invoice date; or (iii) the day on which any of the consideration is received for the supply. (2) Other expressions in this determination have the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 .