Social Security (Foreign Currency Exchange Rate) Determination 2017 (Cth)

Social Security (Foreign Currency Exchange Rate) Determination 2017

I, Noel Rossiter, as delegate of the Secretary of the Department of Human Services, make the following determination.

Dated   13 December 2017

Noel Rossiter

Director

International Programme

Seniors, Carers and International Branch

Department of Human Services

Contents

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

5............ Definitions..................................................................................................................... 1

6............ Subsection 1100(2) of the Act not to apply in respect of amounts received in specified foreign currencies             2

7............ Value of amounts received in specified foreign currencies............................................ 2

Schedule 1—Specified foreign currencies  3

Schedule 2—Repeals  7

Social Security Foreign Currency Exchange Rate Determination 2014 (No.2)                  7

1  Name

This instrument is the Social Security (Foreign Currency Exchange Rate) Determination 2017.

2  Commencement

(1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1.  The whole of this instrument	The day after this instrument is registered.

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

(2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

This instrument is made under subsection 1100(5) of the Social Security Act 1991.

4  Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

5  Definitions

In this instrument:

Act means the Social Security Act 1991.

appropriate rate of exchange, for an amount in a foreign currency, on a calculation day means:

(a)  if a daily foreign cheques buying rate for the currency was available at the Commonwealth Bank of Australia at the start of business in Sydney on the fifth business day before the calculation day—that rate; or

(b)  if a daily international money transfer buying rate for the currency was available at the Commonwealth Bank of Australia at the start of business in Sydney on the fifth business day before the calculation day, and paragraph (a) does not apply—that rate; or

(c)  if a weekly miscellaneous exchange rate for the currency was available at the Commonwealth Bank of Australia at the start of business in Sydney on the fifth business day before the calculation day, and paragraphs (a) and (b) do not apply—that rate; or

(d)  if a rate of exchange for the currency was available at the Reserve Bank of Australia at the start of business in Sydney on the fifth business day before the calculation day, and paragraphs (a) to (c) do not apply—that rate; or

(e)  if paragraphs (a) to (d) do not apply—either of the following:

(i)  the rate of exchange for the currency (if any) that was available at the central bank for the currency at the start of business for that central bank on the fifth business day before the calculation day;

(ii)  the rate of exchange for the currency (if any) determined by the Secretary for the purposes of subparagraph 1100(3)(b)(ii) of the Act.

business day has the same meaning as in subsection 1100(6) of the Act.

calculation day has the same meaning as in subsection 1100(6) of the Act.

1. Subsection 1100(2) of the Act not to apply in respect of amounts received in specified foreign currencies

For the purposes of paragraph 1100(2)(a) of the Act, it is not appropriate for subsection 1100(2) of the Act to apply in respect of an amount received in a foreign currency that is specified in the table in Schedule 1.

7  Value of amounts received in specified foreign currencies

For the purposes of subsection 1100(4) of the Act, the value, on a calculation day, in Australian currency of an amount received in a foreign currency in respect of which section 6 applies is to be calculated using the appropriate rate of exchange for that amount on that day.

Schedule 1—Specified foreign currencies

Note:       See section 6.

Item	Specified foreign currencies
1	Afghani afghani
2	Albanian lek
3	Algerian dinar
4	Argentine peso
5	Armenian dram
6	Aruban florin
7	Azerbaijani manat
8	Bahamian dollar
9	Bahraini dinar
10	Bangladeshi taka
11	Barbadian dollar
12	Belarusian ruble
13	Belize dollar
14	Bhutanese ngultrum
15	Bolivian boliviano
16	Bosnian and Herzegovinian convertible mark
17	Botswana pula
18	Brazilian real
19	British pound
20	Brunei dollar
21	Bulgarian lev
22	Burundian franc
23	Cambodian riel
24	Canadian dollar
25	Cape Verdean escudo
26	Cayman Islands dollar
27	Central African CFA franc
28	Change France Pacifique CFP franc
29	Chilean peso
30	Chinese renminbi
31	Colombian peso
32	Comorian franc
33	Congolese franc
34	Costa Rican colon
35	Croatian kuna
36	Cuban peso
37	Czech koruna
38	Danish krone
39	Djiboutian franc
40	Dominican peso
41	East Caribbean dollar
42	Egyptian pound
43	Eritrean nakfa
44	Ethiopian birr
45	European euro
46	Fijian dollar
47	Guatemalan quetzal
48	Guinean franc
49	Guyanese dollar
50	Haitian gourde
51	Honduran lempira
52	Hong Kong dollar
53	Hungarian florint
54	Icelandic krona
55	Indian rupee
56	Indonesian rupiah
57	Iranian rial
58	Iraqi dinar
59	Israeli new shekel
60	Jamaican dollar
61	Japanese yen
62	Jordanian dinar
63	Kazakhstani tenge
64	Kenyan shilling
65	Kuwaiti dinar
66	Kyrgyzstani som
67	Laotian kip
68	Lebanese pound
69	Lesotho loti
70	Liberian dollar
71	Libyan dinar
72	Macanese pataca
73	Macedonian denar
74	Malagasy ariary
75	Maldivian rufiyaa
76	Mauritanian ouguiya
77	Mauritian rupee
78	Mexican peso
79	Moldovan leu
80	Mongolian togrog or tugrik
81	Moroccan dirham
82	Mozambican metical
83	Namibian dollar
84	Nepalese rupee
85	Netherlands Antillean Guilder
86	New Taiwanese dollar
87	New Zealand dollar
88	Nicaraguan cordoba
89	Norwegian krone
90	Omani rial
91	Pakistani rupee
92	Papua New Guinean kina
93	Philippine peso
94	Polish zloty
95	Romanian leu
96	Russian ruble
97	Rwandan franc
98	Sao Tomean dobra
99	Samoan tala
100	Saudi riyal
101	Serbian dinar
102	Seychellois rupee
103	Sierra Leonean leone
104	Singapore dollar
105	Solomon Islands dollar
106	Somali shilling
107	South African rand
108	South Korean won
109	South Sudanese pound
110	Sri Lankan rupee
111	Sudanese pound
112	Surinamese dollar
113	Swazi lilangeni
114	Swedish krona
115	Swiss franc
116	Syrian pound
117	Tajikistani somoni
118	Tanzanian shilling
119	Thai baht
120	Tongan pa’anga
121	Trinidad and Tobagan dollar
122	Tunisian dinar
123	Turkish lira
124	Turkmen manat
125	Ugandan shilling
126	Ukrainian hryvnia
127	UAE dirham
128	United States dollar
129	Uruguayan peso
130	Uzbekistani soum
131	Vanuatu vatu
132	Venezuelan bolivar
133	Vietnamese dong
134	West African CFA franc
135	Yemeni rial
136	Zambian kwacha
137	Zimbabwean dollar

Schedule 2—Repeals

Social Security Foreign Currency Exchange Rate Determination 2014 (No.2)

1  The whole of the instrument

Repeal the instrument.