A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)

Schedule 1   Indirect Tax Acts

Part 1   Amendment of the A New Tax System (Goods and Services Tax) Act 1999

9   After section 9-80

Insert:

9-85 Value of taxable supplies to be expressed in Australian currency

(1) For the purposes of this Act, the *value of a *taxable supply is to be expressed in Australian currency.

(2) In working out the *value of a *taxable supply, any amount of the *consideration for the supply that is expressed in a currency other than Australian currency is to be treated as if it were an amount of Australian currency worked out in the manner determined by the Commissioner.