Document ID: chunk:federal_register_of_legislation:C2024C00866:section:47c
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 47C
Character Range: 701076–702077

47C  Re‑assessed exchange rate
 (1) If for 10 consecutive working days:
 (a) starting after a month of the year in relation to which section 47B operates; and
 (b) ending before the next month of the year in relation to which section 47B operates;
the actual market exchange rate available differs, by at least 10%, from:
 (c) unless paragraph (d) applies—the base exchange rate for the next foreign exchange period; or
 (d) if a re‑assessed exchange rate has already been worked out under this subsection for the purposes of the next foreign exchange period—the last re‑assessed exchange rate so worked out;
the re‑assessed exchange rate for a foreign currency is the average (calculated to 4 decimal places) of the actual market exchange rates available on those consecutive working days.
 (2) Subsection (1) does not apply to a working day if the actual market exchange rate available on that day has been used to work out a re‑assessed exchange rate in a previous application of that subsection.