Document ID: chunk:federal_register_of_legislation:F2018L00724:body:0:p2
Version: federal_register_of_legislation:F2018L00724
Segment Type: other
Provision Reference: 
Character Range: 2866–5390

types of supplies that you make (including inbound intangible consumer supplies or offshore supplies of low value goods); or

             (ii)                for your inbound intangible consumer supplies, offshore supplies of low value goods, or both, the final day of the relevant tax period in which GST is payable (in which case, the conversion day for your other types of supplies is the day specified in either paragraphs (a) or (b) of this definition).

          (d) if you are a non-resident that is a limited registration entity, your conversion day is:

             (i)                  a day specified in either paragraphs (a) or (b) of this definition; or

             (ii)                the final day of the relevant tax period in which GST is payable on your supplies.

    exchange rate means the unit of foreign currency per Australian dollar.

    foreign currency means a currency other than Australian currency.

    foreign exchange organisation means an organisation that provides exchange rates publicly.

    RBA business day means a day that the head office of the Reserve Bank of Australia is open for business.

    RBA rate means the foreign exchange rate specified by the Reserve Bank of Australia. When you work 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 specified 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 specified by the RBA as the 4:00pm Australian Eastern time rate of the previous RBA business day.

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

    transaction date means the date you use for foreign currency conversion in your accounting system under the relevant Accounting Standard.

    your particular exchange rate is one of the following:

         (a)               the RBA rate, or

         (b)                a rate published by a foreign exchange organisation, or

         (c)                an agreed rate, or

         (d)               for taxable supplies of offshore supplies of low value goods a rate chosen under Goods and Services Tax: Foreign Currency (Customs Value of Low Value Goods) Determination 2018.

    Other expressions in this determination have the same meaning as in the GST Act.