• 5.4. What exchange rate do you use to work out the value of a taxable importation in Australian currency?

    Non-interpretative – straight application of the law

    Section 13-20 of the GST Act provides that the foreign exchange rate applicable to convert the customs value for a taxable importation into Australian currency is ascertained in the manner provided under section 161J of the Customs Act 1901. That is, the applicable conversion rate is the ruling rate of exchange on the day of exportation of the goods to the indirect tax zone.. The Australian Customs Service provides a list of the ruling rate of exchange for each currency for each day.

    This same rate can also be used to convert the cost of the international transport and the cost to insure the goods for that transport into Australian currency.

      Last modified: 24 Jun 2015QC 16359