Wine Equalisation Tax New Zealand Producer Rebate Foreign Exchange Conversion Determination (No. 57) 2016 (Cth)

Legislative Instrument

Wine Equalisation Tax New Zealand Producer Rebate Foreign Exchange Conversion Determination (No. 57) 2016

I, Timothy Dyce, Deputy Commissioner of Taxation, make this determination under subsection 17-10(2B) of the A New Tax System (Wine Equalisation Tax) Act 1999

Dated this 1 August 2016

Timothy Dyce Deputy Commissioner of Taxation

1. Name of instrument

This determination may be cited as the Wine Equalisation Tax New Zealand Producer Rebate Foreign Exchange Conversion Determination (No. 57) 2016

2. Commencement

This instrument is taken to have commenced on the day after it is registered.

3. Repeal of previous instrument

The following determination is repealed on the commencement of this determination:

* Wine Equalisation Tax New Zealand Producer Rebate Foreign Exchange Conversion Determination (No.35) 2016 (the previous instrument) -F2016L00197, registered on 1 March 2016

4. Application

This instrument applies to approved New Zealand participants that are required to calculate the approved selling price of their wine in Australian currency, when one or more components of the approved selling price are expressed in a currency other than Australian currency.

Note: For approved New Zealand participants, the amount of a Wine Equalisation Tax producer rebate is calculated using the approved selling price of their wine.

5. Definitions

(1) In this determination:

* RBA rate means the foreign exchange rate calculated by the Reserve Bank of Australia (RBA) when the New Zealand participant works out the value of the component used to determine the approved selling price on a conversion day: (a) that is an RBA business day, then the RBA rate is the unit of foreign currency per $A calculated by the RBA at 4:00pm Australian Eastern time on that RBA business day, and (b) that is not an RBA business day, then the RBA rate is the unit of foreign currency per $A calculated by the RBA at 4:00pm Australian Eastern time of the previous RBA business day.