{"id":"F2017L01693","name":"Social Security (Foreign Currency Exchange Rate) Determination 2017","slug":"social-security-foreign-currency-exchange-rate-determination-2017","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439435,"registerId":"F2017L01693-fast-fetch-1775955463425","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Social Security (Foreign Currency Exchange Rate) Determination 2017","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![](image.001.jpeg)\n\n \n\nSocial Security (Foreign Currency Exchange Rate) Determination 2017\n\nI, Noel Rossiter, as delegate of the Secretary of the Department of Human Services, make the following determination.\n\nDated 13 December 2017\n\nNoel Rossiter\n\nDirector\n\nInternational Programme\n\nSeniors, Carers and International Branch\n\nDepartment of Human Services\n\n \n\n \n\n \n\n \n\n \n\nContents\n\n1 Name...............................................\n\n2 Commencement.........................................\n\n3 Authority.............................................\n\n4 Schedules.............................................\n\n5 Definitions............................................\n\n6 Subsection 1100(2) of the Act not to apply in respect of amounts received in specified foreign currencies             \n\n7 Value of amounts received in specified foreign currencies................\n\nSchedule 1—Specified foreign currencies\n\nSchedule 2—Repeals\n\nSocial Security Foreign Currency Exchange Rate Determination 2014 (No.2)\n\n \n\n1  Name\n\n  This instrument is the Social Security (Foreign Currency Exchange Rate) Determination 2017.\n\n2  Commencement\n\n (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.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provisions Commencement Date/Details\n- 1. The whole of this instrument The day after this instrument is registered.\n\n\nNote: 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.\n\n (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.\n\n3  Authority\n\n  This instrument is made under subsection 1100(5) of the Social Security Act 1991.\n\n4  Schedules\n\n  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.\n\n5  Definitions\n\n  In this instrument:\n\nAct means the Social Security Act 1991.\n\nappropriate rate of exchange, for an amount in a foreign currency, on a calculation day means:\n\n (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\n\n (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\n\n (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\n\n (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\n\n (e) if paragraphs (a) to (d) do not apply—either of the following:\n\n (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;\n\n (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.\n\nbusiness day has the same meaning as in subsection 1100(6) of the Act.\n\ncalculation day has the same meaning as in subsection 1100(6) of the Act.\n\n6  Subsection 1100(2) of the Act not to apply in respect of amounts received in specified foreign currencies\n\n  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.\n\n7  Value of amounts received in specified foreign currencies\n\n  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.\n\nSchedule 1—Specified foreign currencies\n\nNote: See section 6.\n\n  \n\n \n\n| Item | Specified foreign currencies |\n| --- | --- |\n| 1 | Afghani afghani |\n| 2 | Albanian lek |\n| 3 | Algerian dinar |\n| 4 | Argentine peso |\n| 5 | Armenian dram |\n| 6 | Aruban florin |\n| 7 | Azerbaijani manat |\n| 8 | Bahamian dollar |\n| 9 | Bahraini dinar |\n| 10 | Bangladeshi taka |\n| 11 | Barbadian dollar |\n| 12 | Belarusian ruble |\n| 13 | Belize dollar |\n| 14 | Bhutanese ngultrum |\n| 15 | Bolivian boliviano |\n| 16 | Bosnian and Herzegovinian convertible mark |\n| 17 | Botswana pula |\n| 18 | Brazilian real |\n| 19 | British pound |\n| 20 | Brunei dollar |\n| 21 | Bulgarian lev |\n| 22 | Burundian franc |\n| 23 | Cambodian riel |\n| 24 | Canadian dollar |\n| 25 | Cape Verdean escudo |\n| 26 | Cayman Islands dollar |\n| 27 | Central African CFA franc |\n| 28 | Change France Pacifique CFP franc |\n| 29 | Chilean peso |\n| 30 | Chinese renminbi |\n| 31 | Colombian peso |\n| 32 | Comorian franc |\n| 33 | Congolese franc |\n| 34 | Costa Rican colon |\n| 35 | Croatian kuna |\n| 36 | Cuban peso |\n| 37 | Czech koruna |\n| 38 | Danish krone |\n| 39 | Djiboutian franc |\n| 40 | Dominican peso |\n| 41 | East Caribbean dollar |\n| 42 | Egyptian pound |\n| 43 | Eritrean nakfa |\n| 44 | Ethiopian birr |\n| 45 | European euro |\n| 46 | Fijian dollar |\n| 47 | Guatemalan quetzal |\n| 48 | Guinean franc |\n| 49 | Guyanese dollar |\n| 50 | Haitian gourde |\n| 51 | Honduran lempira |\n| 52 | Hong Kong dollar |\n| 53 | Hungarian florint |\n| 54 | Icelandic krona |\n| 55 | Indian rupee |\n| 56 | Indonesian rupiah |\n| 57 | Iranian rial |\n| 58 | Iraqi dinar |\n| 59 | Israeli new shekel |\n| 60 | Jamaican dollar |\n| 61 | Japanese yen |\n| 62 | Jordanian dinar |\n| 63 | Kazakhstani tenge |\n| 64 | Kenyan shilling |\n| 65 | Kuwaiti dinar |\n| 66 | Kyrgyzstani som |\n| 67 | Laotian kip |\n| 68 | Lebanese pound |\n| 69 | Lesotho loti |\n| 70 | Liberian dollar |\n| 71 | Libyan dinar |\n| 72 | Macanese pataca |\n| 73 | Macedonian denar |\n| 74 | Malagasy ariary |\n| 75 | Maldivian rufiyaa |\n| 76 | Mauritanian ouguiya |\n| 77 | Mauritian rupee |\n| 78 | Mexican peso |\n| 79 | Moldovan leu |\n| 80 | Mongolian togrog or tugrik |\n| 81 | Moroccan dirham |\n| 82 | Mozambican metical |\n| 83 | Namibian dollar |\n| 84 | Nepalese rupee |\n| 85 | Netherlands Antillean Guilder |\n| 86 | New Taiwanese dollar |\n| 87 | New Zealand dollar |\n| 88 | Nicaraguan cordoba |\n| 89 | Norwegian krone |\n| 90 | Omani rial |\n| 91 | Pakistani rupee |\n| 92 | Papua New Guinean kina |\n| 93 | Philippine peso |\n| 94 | Polish zloty |\n| 95 | Romanian leu |\n| 96 | Russian ruble |\n| 97 | Rwandan franc |\n| 98 | Sao Tomean dobra |\n| 99 | Samoan tala |\n| 100 | Saudi riyal |\n| 101 | Serbian dinar |\n| 102 | Seychellois rupee |\n| 103 | Sierra Leonean leone |\n| 104 | Singapore dollar |\n| 105 | Solomon Islands dollar |\n| 106 | Somali shilling |\n| 107 | South African rand |\n| 108 | South Korean won |\n| 109 | South Sudanese pound |\n| 110 | Sri Lankan rupee |\n| 111 | Sudanese pound |\n| 112 | Surinamese dollar |\n| 113 | Swazi lilangeni |\n| 114 | Swedish krona |\n| 115 | Swiss franc |\n| 116 | Syrian pound |\n| 117 | Tajikistani somoni |\n| 118 | Tanzanian shilling |\n| 119 | Thai baht |\n| 120 | Tongan pa’anga |\n| 121 | Trinidad and Tobagan dollar |\n| 122 | Tunisian dinar |\n| 123 | Turkish lira |\n| 124 | Turkmen manat |\n| 125 | Ugandan shilling |\n| 126 | Ukrainian hryvnia |\n| 127 | UAE dirham |\n| 128 | United States dollar |\n| 129 | Uruguayan peso |\n| 130 | Uzbekistani soum |\n| 131 | Vanuatu vatu |\n| 132 | Venezuelan bolivar |\n| 133 | Vietnamese dong |\n| 134 | West African CFA franc |\n| 135 | Yemeni rial |\n| 136 | Zambian kwacha |\n| 137 | Zimbabwean dollar |\n\nSchedule 2—Repeals\n\n \n\nSocial Security Foreign Currency Exchange Rate Determination 2014 (No.2)\n\n1  The whole of the instrument\n\nRepeal the instrument.\n\n \n","sortOrder":0}],"analysis":{"summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The determination continues the same approach as the repealed 2014 (No.2) instrument, maintaining a consistent method for converting foreign income in specified currencies for social security assessments."},"complexity_factors":["Defines a hierarchical fallback system for obtaining exchange rates from multiple financial institutions","Contains a long schedule listing 137 foreign currencies by name","Uses cross-references to specific subsections of the Social Security Act 1991 for definitions and application"],"plain_english_summary":"This determination sets how certain foreign currencies are converted into Australian dollars for social security purposes, replacing the 2014 instrument. For 137 listed currencies, it uses an \"appropriate rate of exchange\" drawn from a hierarchy of published buying rates (primarily Commonwealth Bank rates) as of a specified business day before the calculation.\n\nIt affects people receiving Australian pensions, benefits or allowances who have income paid in those currencies, because conversion timing and source can change payment amounts or eligibility."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"This instrument repeals the 2014 Determination (Schedule 2) and replaces the specified‑currency list and the procedural rules for selecting exchange rates (Schedules 1 and s5). Functionally it continues the Act’s conversion mechanism but alters the detailed scope and sources used for valuation."},"complexity_factors":["Large enumerated list of 137 specified currencies requires operational tracking and periodic maintenance (Schedule 1).","Hierarchy of rate sources creates conditional logic: daily CBA foreign cheques buying rate, CBA international money transfer buying rate, CBA weekly miscellaneous rate, RBA rate, central bank rate, or Secretary‑determined rate (definition of appropriate rate of exchange in s5).","Timing rule: rates are those available \"at the start of business in Sydney on the fifth business day before the calculation day,\" requiring business‑day calculations and cross‑jurisdictional time alignment (s5).","Fallback and discretion: if market rates are unavailable the Secretary may determine a rate, embedding administrative discretion (s5(e)(ii)).","Legal effect on valuation: the instrument directs that subsection 1100(2) does not apply for listed currencies and that values are calculated under subsection 1100(4) using the prescribed rate, shifting how foreign amounts are treated for assessment (ss6–7, referencing the Act).","Operational ambiguity: multiple rate types (foreign cheques, money transfer, weekly miscellaneous) and terms like \"start of business\" and central bank availability may require interpretive guidance (s5).","Repeal of prior instrument requires agencies to update systems and processes to reflect the new list and rules (Schedule 2)."],"plain_english_summary":"This instrument lists the foreign currencies that the Department will treat as \"specified\" for social security valuation and sets the method for converting amounts in those currencies into Australian dollars. It prescribes a ranked set of sources for exchange rates (Commonwealth Bank, Reserve Bank, central banks, or a rate the Secretary sets) and timing rules for which day's rate to use. It affects recipients of foreign‑currency payments and department staff who must apply the prescribed conversion rules when measuring income or assets for social security purposes."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The legislation maintains its original narrow purpose: specifying exchange rate conversion methodologies for foreign currency amounts in social security calculations. The 2017 version updates the currency list and rate hierarchy but does not expand beyond the technical administrative function established in the 2014 predecessor."},"complexity_factors":["Straightforward structure with only 7 operative sections plus 2 schedules","Single primary definition ('appropriate rate of exchange') with a clear 5-tier hierarchy (paragraphs a-e)","Minimal cross-referencing—only references to subsection 1100(2), (4), (5), and (6) of the Social Security Act 1991","No nested exceptions or conditional logic beyond the simple cascading priority for exchange rate sources","Schedule 1 is a simple lookup table of 137 currencies with no additional conditions or qualifications","Only 4 defined terms total ('Act', 'appropriate rate of exchange', 'business day', 'calculation day')","Mechanical repeal of single previous instrument in Schedule 2"],"plain_english_summary":"**What this legislation does:**\n\nThis Determination sets the rules for how Centrelink (Services Australia) converts foreign currency amounts into Australian dollars when calculating social security payments. It applies to people receiving Australian pensions or benefits who also get income from overseas.\n\n**Who it affects:**\n\n- **Australian pensioners and benefit recipients** who receive income, assets, or payments denominated in foreign currencies\n- **Centrelink staff** who process these claims and calculate payment rates\n- **People with overseas investments, foreign pensions, or income from abroad**\n\n**Why it matters:**\n\nWhen Centrelink works out how much someone should be paid, they need to know the Australian dollar value of any foreign income. Exchange rates fluctuate daily, so this Determination creates a consistent, fair method for conversion rather than using whatever rate happens to be available on the day of calculation.\n\n**Key points:**\n\n- **Specifies 137 foreign currencies** (from Afghan afghani to Zimbabwean dollar) that get special treatment\n- **Sets a hierarchy of exchange rate sources:**\n  1. Commonwealth Bank daily foreign cheque buying rate (5 business days before calculation)\n  2. Commonwealth Bank international money transfer buying rate\n  3. Commonwealth Bank weekly miscellaneous exchange rate\n  4. Reserve Bank of Australia rate\n  5. Foreign central bank rate or a rate determined by the Secretary\n\n- **Uses a 5-day lag:** The rate is taken from 5 business days before the calculation date, which prevents manipulation and provides predictability\n- **Replaces an earlier 2014 Determination** (repealed in Schedule 2)\n\n**In simple terms:** If you're on the Age Pension and receive a UK pension in British pounds, this document tells Centrelink exactly which exchange rate to use and when, so your Australian pension is calculated fairly and consistently."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/social-security-foreign-currency-exchange-rate-determination-2017","history":"/api/acts/social-security-foreign-currency-exchange-rate-determination-2017/history","analysis":"/api/acts/social-security-foreign-currency-exchange-rate-determination-2017/analysis","conflicts":"/api/acts/social-security-foreign-currency-exchange-rate-determination-2017/conflicts","importantCases":"/api/acts/social-security-foreign-currency-exchange-rate-determination-2017/important-cases","documents":"/api/acts/social-security-foreign-currency-exchange-rate-determination-2017/documents"}}