Wool Tax (No. 5) Amendment Act 1987

No. 50 of 1987

An Act to amend the Wool Tax Act (No. 5) 1964

[Assented to 5 June 1987]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title etc.

1. (1) This Act may be cited as the Wool Tax (No. 5) Amendment Act 1987.

(2) The Wool Tax Act (No. 5) 19641 is in this Act referred to as the Principal Act.

Commencement

2. This Act shall come into operation on 1 July 1987.

Rate of tax

3. Section 5 of the Principal Act is amended by omitting from paragraph (a) “8” and substituting “10”.

Regulations

4. Section 6 of the Principal Act is amended by omitting paragraph (2) (a) and substituting the following paragraph:

“(a) be not less than 5.25%; and”.

NOTE

1. No. 29, 1964, as amended. For previous amendments, see No. 68, 1973; No. 70, 1974; No. 90, 1975; Nos. 37 and 76, 1976; No. 48, 1977; No. 76, 1978; No. 36, 1979; No. 55, 1980; and No. 89, 1985.

[Minister’s second reading speech made in—

House of Representatives on 30 April 1987

Senate on 11 May 1987]