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Cost of importing goods

​​Exchange rates

The customs value of imported goods must be expressed in Australian currency.

Foreign currency must be converted into Australian currency at the rate of exchange prevailing on the day of export of the goods (not on the day the goods arrive in Australia).

You can find more information about the day of export in ACN 2020/08 Rates of exchange and the day of exportation

T​he Comptroller-General of Customs or their delegate determines the Exchange Rate in accordance with section 161J of the Customs Act 1901.

For 28 selected currencies, the prevailing rates of exchange are directly uploaded into the Integrated Cargo System database. The prevailing rates of exchange are valid for twenty-four hours from one minute after midnight on the day after they were uploaded. This is excluding weekends, where Friday’s rates of exchange are valid for Saturday, Sunday and Monday. For public holidays and bank holidays, the exchange rate is valid from one minute after midnight on the day before the public holiday or bank holiday until the next working day

The Exchange Rates are consolidated weekly each Tuesday, The consolidated rates are published in the Commonwealth Government Gazette as a Notice of Rates of Exchange. Subsection 161J(2) of the Customs Act 1901 establishes that the Comptroller‑General of Customs may publish rates in the Gazette that are deemed to be the ruling rates of exchange.

The Gazette Notices can be accessed on the Federal Register of Legislation. To filter out only the Notices of Rates of Exchange follow the instructions below:

  1. Visit the Federal Register of Legislation – Advanced Search
  2. Within the 'with the exact phrase' text field, type rates of exchange
  3. From the 'Show results…' drop down list, select 'Date first Registered'.
  4. Select the search button. This will now display all Notices from 18 September 2012 up until the latest issue date.

Treatment of Cryptocurrencies

Cryptocurrencies are to be treated in the same manner under the Customs Act 1901 as any fiat foreign currency. This means a payment in cryptocurrency will need to be converted into Australian dollars based on the exchange rate for that cryptocurrency on the day of exportation.

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You can find more information about cryptocurrencies in ACN 2022/42 Conversion of cryptocurrencies into Australian dollars – customs valuation.