1Goods and Services Tax: Foreign Currency (Customs Value of Low Value Goods) Determination 2018

Legislative Instrument

Goods and Services Tax: Foreign Currency (Customs Value of Low Value Goods) Determination 2018

I, Timothy Dyce, Deputy Commissioner of Taxation, make this Determination under subsection 84-79(5) of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act).

Timothy Dyce

Deputy Commissioner of Taxation

Dated: 30 May 2018

1. Name of determination

This determination is the Goods and Services Tax: Foreign Currency (Customs Value of Low Value Goods) Determination 2018.

2. Commencement

This determination commences on 1 July 2018.

3. Determination (who is covered by this determination)

This determination applies to an entity that uses the method in section 4 of this determination to work out the customs value of goods under subsection 84-79(4) of the GST Act.

4. Method for converting an amount to Australian currency

You can convert an amount expressed in foreign currency to Australian currency using the following method:

<table cellspacing="0" cellpadding="0" style="margin-left:30.6pt; border-collapse:collapse"><tbody><tr><td rowspan="2" style="width:150pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-bottom:6pt; text-align:center; font-size:11pt"><span style="font-family:Arial, sans-serif">a</span><span style="font-family:Arial, sans-serif">mount </span><span style="font-family:Arial, sans-serif">expressed in a foreign currency</span></p></td><td rowspan="2" style="width:24.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-bottom:6pt; text-align:center; font-size:11pt"><span style="font-family:Arial, sans-serif">x</span></p></td><td style="width:183.1pt; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-bottom:6pt; text-align:center; font-size:11pt"><span style="font-family:Arial, sans-serif">1</span></p></td></tr><tr><td style="width:183.1pt; border-top:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-bottom:6pt; text-align:center; font-size:11pt"><span style="font-family:Arial, sans-serif">your particular excha</span><span style="font-family:Arial, sans-serif">nge rate at the conversion time</span></p></td></tr></tbody></table>

You must use your particular exchange rate consistently.

5. Definitions

another central bank is a central bank or monetary authority outside the indirect tax zone that exercises functions that correspond with, or are similar to, the Reserve Bank of Australia.