Document ID: chunk:federal_register_of_legislation:F2016L01256:body:0:p2
Version: federal_register_of_legislation:F2016L01256
Segment Type: other
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Character Range: 2778–5050

participant for the supply of the wine (the receipt date); or
         (b)   the invoice date.

         * RBA business day means a day that the head office of the RBA is open for business

         * Reserve Bank of Australia means the body corporate continued in existence under the Reserve Bank Act 1959.

       (2)   Other terms in this determination have the same meaning as in the A New Tax System (Wine Equalisation Tax) Act 1999.

    6.                  Manner in which the conversion to Australian currency may be made

    Option 1 – conversion for components expressed in any foreign currency

    In working out the value of the component used to determine the approved selling price, you convert the value of the component expressed in a foreign currency (including New Zealand currency) on a conversion day in accordance with the following formula:

Value of the component expressed                                              X
in a foreign currency                                                            1
The New Zealand participant's particular exchange rate on the conversion day

where,

         * the New Zealand participant's particular exchange rate is the RBA rate  or the New Zealand participant's agreed rate, whichever is applicable; and
         * the conversion day is the date that the foreign currency is converted into Australian currency for wine equalisation tax purposes.

    Option 2 – additional option for components expressed in New Zealand currency

    Where the value of the component used to determine the approved selling price is expressed in New Zealand currency, then in working out the value of that component you have the option of converting the value on a conversion day in accordance with the following formula:

value of the component expressed in New Zealand currency ($NZ)  X  average yearly Reserve Bank of New Zealand (RBNZ)  rate

    where,

         * average yearly RBNZ rate is as published on the Australian Taxation Office (ATO) website – ato.gov.au; and
         * the conversion day is the date that the New Zealand currency is converted into Australian currency for wine equalisation tax purposes.

    You must use your particular exchange rate and conversion option consistently.