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Goods & Services Taxation Ruling GSTR 2000/D15 Goods and Services Tax: foreign exchange rates that work out the conversion for a taxable supply

Published on 01 Jul 00 by THE TAX INSTITUTE

Submission by the Institute of Chartered Accountants in Australia, CPA Australia, The Taxation Institute of Australia, Taxpayers Australia Inc. and The National Institute of Accountants. Goods & Services Taxation Ruling GSTR 2000/D15 Goods and Services Tax: foreign exchange rates that work out the conversion for a taxable supply. Background to ruling Section 9-85(1) of the A New Tax System (Goods and Services Tax) Act 1999 (the GST Act) requires the value of a taxable supply to be expressed in Australian currency. Section 9-85(2)provides that any amount of consideration 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

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