{"id":"F2016L01256","name":"Wine Equalisation Tax New Zealand Producer Rebate Foreign Exchange Conversion Determination (No. 57) 2016","slug":"wine-equalisation-tax-new-zealand-producer-rebate-foreign-exchange-conversion-determination-no-57-20","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":94688,"registerId":"commonwealth-F2016L01256-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Wine Equalisation Tax New Zealand Producer Rebate Foreign Exchange Conversion Determination (No. 57) 2016","content":"Legislative Instrument\n\nWine Equalisation Tax New Zealand Producer Rebate Foreign Exchange Conversion Determination (No. 57) 2016\n\nI, Timothy Dyce, Deputy Commissioner of Taxation, make this determination under subsection 17-10(2B) of the A New Tax System (Wine Equalisation Tax) Act 1999\n\nDated this 1 August 2016\n\nTimothy Dyce\n\nDeputy Commissioner of Taxation\n\n1. Name of instrument\n\nThis determination may be cited as the Wine Equalisation Tax New Zealand Producer Rebate Foreign Exchange Conversion Determination (No. 57) 2016\n\n2. Commencement\n\nThis instrument is taken to have commenced on the day after it is registered.\n\n3. Repeal of previous instrument\n\nThe following determination is repealed on the commencement of this determination:\n\n Wine Equalisation Tax New Zealand Producer Rebate Foreign Exchange Conversion Determination (No.35) 2016 (the previous instrument)\n\n\\-F2016L00197, registered on 1 March 2016\n\n4. Application\n\nThis instrument applies to approved New Zealand participants that are required to calculate the approved selling price of their wine in Australian currency, when one or more components of the approved selling price are expressed in a currency other than Australian currency.\n\nNote: For approved New Zealand participants, the amount of a Wine Equalisation Tax producer rebate is calculated using the approved selling price of their wine.\n\n5. Definitions\n\n (1) In this determination:\n\n RBA rate means the foreign exchange rate calculated by the Reserve Bank of Australia (RBA) when the New Zealand participant works out the value of the component used to determine the approved selling price on a conversion day:\n\n (a) that is an RBA business day, then the RBA rate is the unit of foreign currency per $A calculated by the RBA at 4:00pm Australian Eastern time on that RBA business day, and\n (b) that is not an RBA business day, then the RBA rate is the unit of foreign currency per $A calculated by the RBA at 4:00pm Australian Eastern time of the previous RBA business day.\n\n New Zealand participant’s agreed rate means a foreign exchange rate agreed to between the New Zealand participant and the recipient of the wine. The agreed rate only applies for sales made under the agreement and for the period of the agreement applying to the Australian financial year in which the producer rebate is being claimed.\n\n conversion day is the date you use to convert foreign currency into Australian currency for wine equalisation tax purposes, and is the earlier of:\n\n (a) the day on which any of the consideration is received by the New Zealand participant for the supply of the wine (the receipt date); or\n (b) the invoice date.\n\n RBA business day means a day that the head office of the RBA is open for business\n\n Reserve Bank of Australia means the body corporate continued in existence under the Reserve Bank Act 1959.\n\n (2) Other terms in this determination have the same meaning as in the A New Tax System (Wine Equalisation Tax) Act 1999.\n\n6. Manner in which the conversion to Australian currency may be made\n\nOption 1 – conversion for components expressed in any foreign currency\n\nIn working out the value of the component used to determine the approved selling price, you convert the value of the component expressed in a foreign currency (including New Zealand currency) on a conversion day in accordance with the following formula:\n\n```html\n

Value of the component expressed

in a foreign currency

X

1

The New Zealand participant’s particular exchange rate on the conversion day

\n```\n\nwhere,\n\n the New Zealand participant’s particular exchange rate is the RBA rate or the New Zealand participant’s agreed rate, whichever is applicable; and\n the conversion day is the date that the foreign currency is converted into Australian currency for wine equalisation tax purposes.\n\nOption 2 – additional option for components expressed in New Zealand currency\n\nWhere the value of the component used to determine the approved selling price is expressed in New Zealand currency, then in working out the value of that component you have the option of converting the value on a conversion day in accordance with the following formula:\n\n| value of the component expressed in New Zealand currency ($NZ) | X | average yearly Reserve Bank of New Zealand (RBNZ) rate |\n| -------------------------------------------------------------- | --- | ------------------------------------------------------ |\n\nwhere,\n\n average yearly RBNZ rate is as published on the Australian Taxation Office (ATO) website – ato.gov.au; and\n the conversion day is the date that the New Zealand currency is converted into Australian currency for wine equalisation tax purposes.\n\nYou must use your particular exchange rate and conversion option consistently.","sortOrder":0}],"analysis":{"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"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument repeals the earlier Determination (s 3) but continues to apply to approved New Zealand participants required to convert foreign‑currency components when calculating the WET producer rebate (s 4). It specifies conversion mechanics and options (s 5–6) without adding new classes of taxpayers or types of transactions, so the substantive scope remains unchanged while conversion rules are updated."},"complexity_factors":["Multiple conversion methods available (RBA rate, participant’s agreed rate, and an annual RBNZ average for NZD) which require choosing and applying one consistently (s 6).","Precise temporal rule for the RBA rate: rate at 4:00pm AET on the conversion day or, if not an RBA business day, the previous RBA business day (s 5(1)(a)–(b)).","Definition of conversion day as the earlier of receipt date or invoice date, which affects timing and could change which published rate applies (s 5, s 6).","Requirement to use published annual RBNZ average from the ATO website for the NZD option, introducing reliance on an external published figure (s 6, Option 2).","Obligation to maintain consistent use of the chosen particular exchange rate and conversion option across claims, creating a compliance and record‑keeping burden (s 6).","Repeal of a previous determination and replacement mechanism (s 3), requiring affected parties to track instrument updates and transitional effects."],"plain_english_summary":"This determination tells approved New Zealand wine producers how to convert any part of a wine’s approved selling price that is in a foreign currency into Australian dollars for calculating the Wine Equalisation Tax (WET) producer rebate. It prescribes using either the Reserve Bank of Australia rate (timed to 4:00pm AET), a foreign‑exchange rate agreed with the buyer, or—where the amount is in New Zealand dollars—an annual average RBNZ rate published on the ATO site. Producers must choose a rate and apply it consistently."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This is a straightforward technical determination that performs exactly its intended function: specifying foreign exchange conversion methods for a specific tax rebate. It replaces a previous determination on the same narrow topic without expanding scope. The instrument remains tightly focused on its original purpose of providing currency conversion rules for New Zealand wine producers claiming Australian WET rebates."},"complexity_factors":["Only 6 defined terms in the interpretation section (RBA rate, New Zealand participant's agreed rate, conversion day, RBA business day, Reserve Bank of Australia, average yearly RBNZ rate)","Two clear conversion options with straightforward mathematical formulas","Simple conditional logic (if RBA business day vs. not; if NZ currency vs. other foreign currency)","Single cross-reference to the parent Wine Equalisation Tax Act for undefined terms","No nested exceptions or complex provisos","Short instrument (approximately 2 pages) with clear structure","Practical compliance requirement (consistency rule) is clearly stated"],"plain_english_summary":"This determination tells approved New Zealand wine producers how to convert any foreign‑currency sales into Australian dollars when calculating the Australian producer tax rebate. It permits either a transaction‑date RBA rate (or a contract rate agreed with the buyer) for any currency, or an annual NZD average rate for sales in New Zealand dollars, and requires consistent application of the chosen method. It replaced the March 2016 version."}},"importantCases":[],"_links":{"self":"/api/acts/wine-equalisation-tax-new-zealand-producer-rebate-foreign-exchange-conversion-determination-no-57-20","history":"/api/acts/wine-equalisation-tax-new-zealand-producer-rebate-foreign-exchange-conversion-determination-no-57-20/history","analysis":"/api/acts/wine-equalisation-tax-new-zealand-producer-rebate-foreign-exchange-conversion-determination-no-57-20/analysis","conflicts":"/api/acts/wine-equalisation-tax-new-zealand-producer-rebate-foreign-exchange-conversion-determination-no-57-20/conflicts","importantCases":"/api/acts/wine-equalisation-tax-new-zealand-producer-rebate-foreign-exchange-conversion-determination-no-57-20/important-cases","documents":"/api/acts/wine-equalisation-tax-new-zealand-producer-rebate-foreign-exchange-conversion-determination-no-57-20/documents"}}