Social Security and Family Assistance Legislation Amendment (Miscellaneous Measures) Act 2006 (108 of 2006)

Schedule 3   Amendment of the Social Security Act 1991

53   At the end of Division 2 of Part 3.10

Add:

1100A Determining value of a payment originally denominated in a foreign currency but made in Australian currency

(1) This section applies if, for the purposes of working out for a calculation day the rate of a payment to be made to a person under this Act, it is necessary to take account of a payment (the foreign payment ):

(a) that the person received from a source overseas; and

(b) that was originally denominated in a foreign currency but was received by the person in Australian currency.

(2) For those purposes, the value in Australian currency of the foreign payment is taken to be the value that would have been determined under section 1100 had the person received the foreign payment in the foreign currency.

(3) Subsection (2) has effect regardless of the amount of the foreign payment actually received by the person in Australian currency.

(4) In this section:

calculation day has the same meaning as in section 1100.