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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