Notice of Rates of Exchange - section 161J Customs Act 1901 - 30/09/2025

Overview

The Customs Act 1901, enacted by the Parliament of Australia, serves as the primary legislation governing the administration of customs and excise duties in Australia. The Act was introduced to address the need for a unified framework for regulating the importation and exportation of goods, ensuring compliance with customs laws, and collecting duties and taxes on imported goods. This legislation is crucial for maintaining economic stability and protecting domestic industries by controlling the flow of goods across Australian borders. The policy objective of the Customs Act 1901 is to facilitate international trade while safeguarding the interests of the Australian economy and ensuring the efficient collection of revenue through customs duties. This particular gazette, issued under section 161J of the Act, provides the ruling rates of exchange for various currencies over a specified period, which is essential for determining the value of imported goods accurately.

Scope and Application

This notification under section 161J of the Customs Act 1901 specifies the ruling rates of exchange for various currencies to Australian dollars, effective from 24 September 2025 to 30 September 2025. This applies to all individuals and entities involved in the importation of goods into Australia, requiring them to use these rates for customs valuation purposes. The scope of this notification is national, covering all states and territories within the Commonwealth of Australia. There are no stated exclusions or exemptions in this notice, and it does not extend or restrict application through subordinate instruments. The rates provided are to be used in accordance with Division 2 of Part VIII of the Customs Act 1901, ensuring a uniform method for determining the value of imported goods for customs purposes.

Key Provisions

The Notice of Rates of Exchange, under section 161J of the Customs Act 1901, outlines the ruling rates of exchange for various currencies in relation to the Australian Dollar. This schedule (sections 161J(2) to 161J(10)) specifies the conversion rates for currencies such as the Brazilian Real, Canadian Dollar, Chinese Yuan, and many others, as of specific dates from 24/09/2025 to 30/09/2025. These rates are crucial for determining the value of imported goods for customs purposes, as stipulated in Division 2 of Part VIII of the Customs Act 1901. Entities and individuals involved in the import and export of goods must adhere to these specified rates when calculating the value of goods for customs duty purposes. This ensures compliance with the valuation requirements set out in the Customs Act 1901, which mandates that the value of imported goods is accurately determined for the imposition of duties and taxes. Importers and exporters must use the rates provided in the Notice for the relevant dates when valuing their goods under the customs legislation. Failure to comply with the requirements set forth in this Notice may lead to civil or criminal penalties. Under the Customs Act 1901, incorrect valuation of imported goods can result in significant fines or prosecution, depending on the degree of non-compliance. For instance, providing false information or intentionally undervaluing goods can lead to substantial penalties, including fines and potential imprisonment. The specific penalties for such breaches are not detailed in the Notice but are outlined in other sections of the Customs Act 1901.