TRACTOR BOUNTY.

No. 45 of 1959.

An Act to amend the Tractor Bounty Act 1939–1958.

[Assented to 22nd May, 1959.]

BE it enacted by the Queen’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 Tractor Bounty Act 1959.

(2.) The Tractor Bounty Act 1939–1958 is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Tractor Bounty Act 1939–1959.

Commencement.

2. This Act shall come into operation on the first day of July, One thousand nine hundred and fifty-nine.

Specification of bounty.

3. Section six of the Principal Act is amended by omitting sub-sections (2.), (3.) and (4.) and inserting in their stead the following sub-section:—

“(2.) The bounty under this Act shall also be payable in respect of tractors that, during the period that commenced on the twenty-fourth day of October, One thousand nine hundred and fifty-five, and that ends on the thirtieth day of June, One thousand nine hundred and sixty-six, have been produced in a factory in accordance with the prescribed conditions for sale for use in the Commonwealth or a Territory of the Commonwealth.”.

Amounts of bounty.

4. Section seven of the Principal Act is amended—

(a) by omitting sub-section (1.) and inserting in its stead the following sub-section:—

“(1.) Subject to this Act, the bounty payable under this Act in respect of a tractor is the amount specified, with respect to the tractor, in the Schedule to this Act.”;

(b) by omitting from sub-sections (2.), (3.) and (4.) the words “rate of bounty” (wherever occurring) and inserting in their stead the word “bounty”;

(c) by omitting from sub-section (4.) the words “rates of bounty so as to exceed the rates specified in subsection (1.) of this section” and inserting in their stead the words “bounty so as to exceed the appropriate amount of bounty specified in the Schedule to this Act”;

(d) by omitting sub-section (5.) and inserting in its stead the following sub-section:—

“(5.) Where the ratio between the factory cost of materials and parts wholly manufactured in Australia in respect of a tractor and the factory cost of the tractor, expressed as a percentage of the factory cost of the tractor, is eighty-nine per centum or less, the bounty payable under the preceding provisions of this section shall be reduced by an amount equal to one and one-half per centum of that bounty for each one per centum by which that ratio is less than ninety per centum.”;

(e) by omitting from sub-section (6.) the word “sixty” and inserting in its stead the word “fifty-five”; and

(f) by omitting sub-sections (7.) and (8.).

Reduction of bounty where profits exceed ten per centum per annum.

5. Section nine of the Principal Act is amended—

(a) by omitting the words “five per centum” (wherever occurring) and inserting in their stead the words “ ten per centum”; and

(b) by omitting sub-section (5.) and inserting in its stead the following sub-sections:—

“(5.) In making a determination under the last preceding sub-section of an amount of net profit, the Minister shall not regard any tax upon income as a deduction and may disallow any interest paid by the producer as a deduction.

“(6.) Where a producer fails to refund an amount as required under sub-section (2.) of this section, that amount may be recovered as a debt due to the Commonwealth by action in a court of competent jurisdiction.

“(7.) For the purposes of any proceedings under the last preceding sub-section, the Minister may, by writing under his hand, certify the determinations made by him under this section and any such certificate is evidence of those determinations.”.

Rates of wages and conditions of employment.

6. Section nine a of the Principal Act is repealed.

Schedule.

7. The Principal Act is amended by adding at the end thereof the following Schedule:—

“THE SCHEDULE. Section 7.

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Where the engine of a tractor has a belt pulley horse-power (not being a horse-power exceeding 80) that includes a fraction, the fraction shall, for the purposes of this Schedule, be disregarded.”.

Application of Act.

8. The Principal Act, as amended by this Act, does not apply in relation to tractors produced before the commencement of this Act.