Document ID: chunk:federal_register_of_legislation:F2024C01235:reg:25
Version: federal_register_of_legislation:F2024C01235
Segment Type: reg
Provision Reference: reg 25
Character Range: 62402–64008

25  Foreign currencies
 (1) For section 27 of the Act, this section applies if:
 (a) the Act requires the determination of a value (however described) of a thing; and
 (b) either:
 (i) that value has been expressed in an agreement or other document only in a currency that is not Australian dollars; or
 (ii) a notice is given for the purposes of the Act in relation to an acquisition of an interest or an issue of securities in an entity and there is no agreement relating to the acquisition or issue.
Note: Examples of a thing whose value is required by the Act to be determined include assets (and interests in assets) and consideration.
 (2) The value of the thing is the value expressed in Australian dollars, worked out using the following exchange rate for the end of the day covered by subsection (3):
 (a) if the Reserve Bank of Australia publishes a daily exchange rate for the currency—that exchange rate;
 (b) otherwise—any exchange rate:
 (i) that is publicly or commercially available; and
 (ii) that it is reasonable to use.
 (3) The day covered by this subsection is:
 (a) either:
 (i) for subparagraph (1)(b)(i)—the day the agreement is entered into or the document is made; or
 (ii) for subparagraph (1)(b)(ii)—any of the 7 days before the notice is given; or
 (b) if there is no exchange rate published or made publicly available on that day or any of those days—the day before that day or the earliest of those days (as the case requires) on which the exchange rate was most recently published or made publicly available.

Part 3—Exemptions

Division 1—Simplified outline of this Part