NATIONAL WELFARE FUND.

No. 52 of 1950.

An Act to amend the National Welfare Fund Act 1943–1945 and to repeal certain provisions of the National Welfare Fund Act 1945.

[Assented to 14th December, 1950.]

[Date of commencement, 11th January, 1951.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, for the purpose of appropriating the grant originated in the House of Representatives, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the National Welfare Fund Act 1950.

(2.) The National Welfare Fund Act 1943–1945 is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the National Welfare Fund Act 1943–1950.

Appropriations for purposes of National Welfare Fund.

2. Section five of the Principal Act is amended by omitting sub-sections (1.) and (2.) and inserting in their stead the following sub-sections:—

“(1.) There shall be payable out of the Consolidated Revenue Fund, which is hereby appropriated accordingly, for the purposes of the National Welfare Fund—

(a) in the financial year which commenced on the first day of July, One thousand nine hundred and fifty—

(i) the amount of social services contribution which becomes payable under the Social Services Contribution Assessment Act 1945–1948 in that financial year; and

(ii) an amount of Thirty million pounds; and

(b) in each financial year thereafter—

(i) the amount of social services contribution which becomes payable under the Social Services Contribution Assessment Act 1945–1948 in that financial year; and

(ii) the amount by which the amount calculated under the next succeeding sub-section for that financial year exceeds the amount specified in sub-paragraph (i) of this paragraph.

“(2.) The amount calculated under this sub-section for a financial year is the amount which bears the same proportion to the sum of the amounts specified in paragraph (a) of the last preceding sub-section as the collections of tax under the Pay-roll Tax Assessment Act 1941–1942 in that financial year bear to the collections of that tax in the financial year which commenced on the first day of July, One thousand nine hundred and fifty.”.

Application of National Welfare Fund.

3. Section six of the Principal Act is amended by omitting the word “old-age” and inserting in its stead the word “age”.

Repeal of sections 6 to 9 of the National Welfare Fund Act 1945.

4. Sections six, seven, eight and nine of the National Welfare Fund Act 1945 are repealed.