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DUTIES ACT 2001 - SECT 503 Amounts stated in foreign currency

DUTIES ACT 2001 - SECT 503

Amounts stated in foreign currency

503 Amounts stated in foreign currency

If, in an instrument or ELN transaction document, an amount is stated in a foreign currency for an instrument or transaction, for imposing duty, the amount is the amount expressed in Australian dollars according to the rate of exchange applicable in Queensland at—

(a) the date the instrument or ELN transaction document was signed or the date of the transaction; or
(b) if the rate is not obtainable for Queensland on that date—the last preceding date on which the rate was obtainable for Queensland.