Section 1157V — Social Security Act 1991: Foreign currency rates

(1) If: (a) it is necessary, for the purposes of this Part, to work out an amount or value of a fringe benefit; and (b) the amount or value of the benefit is expressed in a foreign currency; the amount or value in Australian currency is to be worked out using the market exchange rate for 1 July in the appropriate tax year. (2) If there is no market exchange rate for 1 July in the appropriate tax year (for example, because of a national public holiday), the market exchange rate to be used is the market exchange rate that applied on the last working day immediately before that 1 July. (3) For the purposes of this section, the market exchange rate of a foreign currency is the on-demand airmail buying rate for that currency available at the Commonwealth Bank of Australia.