Notice of Rates of Exchange - section 161J Customs Act 1901 - 28/10/2025

Overview

The Customs Act 1901, enacted by the Parliament of Australia, serves to regulate the importation and exportation of goods across the country. The primary issue this Act addresses is the valuation of imported goods for customs purposes, ensuring consistency and accuracy in assessing the customs duty payable. On 28 October 2025, Cody Wilson, as a delegate of the Comptroller-General of Customs, specified the ruling rates of exchange for various currencies to facilitate the ascertainment of the value of imported goods. This specification ensures that importers and customs officials can accurately determine the customs value of goods, thereby maintaining the integrity of the customs valuation process and supporting the policy objective of fair and effective trade regulation.

Scope and Application

The Customs Act 1901, specifically section 161J, provides the framework for determining the value of imported goods for customs purposes. The act applies to all imported goods entering Australia, regardless of the origin or the party involved in the importation, and it mandates the use of specified rates of exchange to ascertain the value of such goods. The rates of exchange specified in this notice are applicable nationwide, affecting all customs operations across Australia. The act does not explicitly state any exclusions, but it is understood that the rates provided apply to the currencies listed for the dates specified, with the potential for extension or modification through subordinate instruments. This legislation ensures uniformity and accuracy in the valuation of imported goods, which is critical for determining applicable customs duties and taxes.

Key Provisions

Section 161J of the Customs Act 1901 stipulates that the Comptroller-General of Customs may delegate the authority to specify the rates of exchange for the purpose of determining the value of imported goods. This delegation is carried out by a delegate, in this case, Cody Wilson, who specifies the ruling rates of exchange for various currencies on particular dates. These rates are essential for calculating the value of imported goods under Division 2 of Part VIII of the Customs Act 1901. The obligations imposed by the Act on parties or entities include the requirement to use the specified rates of exchange to ascertain the value of imported goods. This ensures consistency and accuracy in the valuation of goods for customs purposes. The rates are provided in a schedule, detailing the exchange rates for each currency on each specified date, which must be adhered to by importers and customs officers alike. Failure to comply with the rates specified by the delegate of the Comptroller-General of Customs can result in various consequences. While the notice itself does not explicitly detail penalties or consequences, breaches of the Customs Act 1901 can lead to civil or criminal penalties, depending on the nature and severity of the breach. These penalties can include fines, imprisonment, or both, depending on the specific provisions of the Act that are contravened. The maximum penalties for customs-related offences can be significant, reflecting the importance of accurate valuation for customs purposes.