Notice of Rates of Exchange - Section 161J Customs Act 1901 - 09/12/2025

Overview

The Customs Act 1901 was enacted to facilitate and regulate the movement of goods across Australian borders, ensuring that the valuation of these goods is accurately assessed for customs purposes. This legislation was introduced to address the need for a consistent and transparent method of determining the value of imported goods, which is crucial for the imposition of customs duties and taxes. The policy objective of the Act is to maintain the integrity of the customs revenue system and to protect domestic industries by ensuring that imported goods are correctly assessed for duty purposes. The Act is administered by the Parliament of Australia, which has the authority to make laws for the peace, order, and good government of the Commonwealth. The specified rates of exchange provided in the Notice of Rates of Exchange serve to standardise the valuation of imported goods in Australian dollars, ensuring compliance with the Act’s provisions.

Scope and Application

The Customs Act 1901 applies to the valuation of imported goods for the purposes of assessing duty and taxes on those goods. This Act is a Commonwealth statute, thus its application extends throughout Australia. The Act applies to all imported goods, regardless of the importer's identity or industry, and encompasses all transactions involving the importation of goods into Australia. This notice, specifying the rates of exchange for various currencies, aids in determining the Australian dollar value of imported goods, which is essential for the correct application of duties and taxes. The rates specified in this notice are applicable from the dates mentioned and are intended for use under Division 2 of Part VIII of the Customs Act 1901. The notice does not include any stated exclusions or exemptions and is issued under the authority of a delegate of the Comptroller-General of Customs, thereby extending its application through subordinate instruments as required.

Key Provisions

The Customs Act 1901 (section 161J) requires the delegate of the Comptroller-General of Customs to specify the rates of exchange for various currencies, which are used to ascertain the value of imported goods under the Act. In this specific notice (C2026G00069), issued on 9th December 2025, the delegate, Cody Wilson, has specified the ruling rates of exchange for various currencies on specified dates, from 3rd December 2025 to 9th December 2025. These rates are essential for determining the customs value of imported goods, ensuring compliance with Australian customs laws. The obligations imposed by this notice include that importers and exporters must use the specified rates of exchange to determine the value of imported goods. This is critical for calculating applicable customs duties and taxes, which are essential for compliance with the Customs Act 1901. Importers must declare the value of imported goods accurately, based on these rates, to avoid discrepancies in customs assessments. Additionally, the notice mandates that the rates specified are to be used for all imports occurring on the dates listed, ensuring consistency and transparency in customs valuation. Failure to comply with the obligations set out in this notice can lead to various consequences. Under the Customs Act 1901, incorrect valuation of imported goods can result in penalties, including fines and potential criminal charges for wilful misdeclaration. The maximum penalties can vary, but they may include substantial fines for inaccuracies in valuation and potential imprisonment for intentional misrepresentation. Moreover, persistent non-compliance or fraudulent activities can lead to more severe civil or criminal penalties, impacting the reputation and operations of the entities involved.