Commonwealth legislation

Social Security Foreign Currency Exchange Rate Determination 2005 (No. 2)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This determination updates the foreign currency exchange tables used to calculate Australian social security payments. It reflects Madagascar's switch from the Malagasy Franc to the Ariary as its official currency.

The instrument makes two simple changes to the 2004 Foreign Currency Exchange Rate Determination:

Removes "Madagascar (Malagasy Franc)" from the currency list
Adds "Madagascar (Ariary)" in its place

Who this affects: Australians receiving social security payments who have income, assets, or financial interests in Madagascar, plus Centrelink staff who process these payments.

Why it matters: If the tables weren't updated, Centrelink would calculate payments using an obsolete currency that no longer exists, which could lead to incorrect payment amounts.

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Current sections

Direct links to the current provisions in Social Security Foreign Currency Exchange Rate Determination 2005 (No. 2).

Social Security Foreign Currency Exchange Rate Determination 2005 (No. 2)

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Commonwealth of Australia

Social Security Act 1991

Social Security Foreign Currency Exchange Rate Determination 2005 (No. 2)

I, Peter Hutchinson, Acting Branch Manager, International Branch, Department of Family and Community Services and a delegate of the Secretary of the Department of Family and Community Services, make this determination under subsection 1100(5) of the Social Security Act 1991.

Dated 22 March 2005

P Hutchinson

Acting Branch Manager, International Branch

1 Name of determination

This determination is the Social Security Foreign Currency Exchange Rate Determination 2005 (No. 2).

2 Commencement

This determination commences on 1 April 2005.

3 Amendment of Social Security Foreign Currency Exchange Rate Determination 2004 (No. 1)

Schedule 1 amends the Social Security Foreign Currency Exchange Rate Determination 2004 (No. 1) of 18 March 2004.

Schedule 1 Amendments

(section 3)

[1] Table B of Part 4 of the Social Security Foreign Currency Exchange Rate Determination 2004 (No. 1)

omit

Madagascar (Malagasy Franc)

[2] Table E of Part 7 of the Social Security Foreign Currency Exchange Rate Determination 2004 (No. 1)

insert in the appropriate alphabetical position

Madagascar (Ariary)

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 meta-generator: Aspose.Words for .NET 20.2 title: Foreign Currency Determination 2005 (No. 2)

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Commonwealth of Australia

Social Security Act 1991

Social Security Foreign Currency Exchange Rate Determination 2005 (No. 2)

Dated 22 March 2005

P Hutchinson

Acting Branch Manager, International Branch

1 Name of determination

This determination is the Social Security Foreign Currency Exchange Rate Determination 2005 (No. 2).

2 Commencement

This determination commences on 1 April 2005.

3 Amendment of Social Security Foreign Currency Exchange Rate Determination 2004 (No. 1)

Schedule 1 amends the Social Security Foreign Currency Exchange Rate Determination 2004 (No. 1) of 18 March 2004.

Schedule 1 Amendments

(section 3)

[1] Table B of Part 4 of the Social Security Foreign Currency Exchange Rate Determination 2004 (No. 1)

omit

Madagascar (Malagasy Franc)

[2] Table E of Part 7 of the Social Security Foreign Currency Exchange Rate Determination 2004 (No. 1)

insert in the appropriate alphabetical position

Madagascar (Ariary)