Reviews of foreign exchange rates 106-08020010

Customers who have foreign income or assets may query the exchange rate used by the agency to convert the foreign currency to Australian dollars.

Customers may use the free call number for information on current major exchange rates (that is, Pound Sterling, US Dollar, Canadian Dollar, Euro, New Zealand Dollar) with the option of speaking to a Service Officer for other currencies. See the Resources page for a link to the Services Australia Website, Phone us page.

If a review is requested, the exchange rate used by the agency should be compared to the exchange rate actually used by the relevant financial institution to convert the foreign currency to Australian dollars. If the actual rate used is more than 5% lower, the record should be updated to reflect the actual exchange rate. Differences of less than 5% are not reviewable.

Note: customers must provide proof of the actual exchange rate used by the financial institution, for example, bank statement or official letter.

Only the exchange rate for the income source that is proven should be changed. Any others should be considered individually. For example, a customer who provides evidence of more than 5% difference for income paid through one financial institution should not have the exchange rate applied for income paid through another institution unless evidence of more than 5% difference is provided from that institution.

Customers are sent an exchange rate statement in February each year listing the rates used for the previous 12 months. For the purpose of paying arrears, the date of effect in these reviews is based on the normal provisions relating to favourable determinations resulting from review of decision, for example, within 13 weeks of a notice being issued.