Family and Community Services Legislation Amendment Act 2003 (30 of 2003)

Schedule 2   Amendments of the family assistance law and certain related Acts

Part 1   Amendments commencing on Royal Assent

A New Tax System (Family Assistance) Act 1999

13   Subclause 5(4) of Schedule 3

Repeal the subclause, substitute:

(4) For the purposes of this clause, the appropriate market exchange rate on a particular day for a foreign currency is:

(a) if there is an on-demand airmail buying rate for the currency available at the Commonwealth Bank of Australia at the start of business in Sydney on that day and the Secretary determines that it is appropriate to use that rate - that rate; or

(b) in any other case:

(i) if there is another rate of exchange for the currency, or there are other rates of exchange for the currency, available at the Commonwealth Bank of Australia at the start of business in Sydney on that day and the Secretary determines that it is appropriate to use the other rate or one of the other rates - the rate so determined; or

(ii) otherwise - a rate of exchange for the currency available from another source at the start of business in Sydney on that day that the Secretary determines it is appropriate to use.