Wool Tax (No. 1) Amendment Act 1991

No. 102 of 1991

An Act to amend the Wool Tax Act (No. 1) 1964 and the Wool Tax (No. 1) Further Amendment Act 1990

[Assented to 27 June 1991]

The Parliament of Australia enacts:

PART 1—PRELIMINARY

Short title

1. This Act may be cited as the Wool Tax (No. 1) Amendment Act 1991.

Commencement

2. This Act comes into force on 1 July 1991.

PART 2—AMENDMENTS OF THE WOOL TAX ACT (No. 1) 1964

Principal Act

3. In this Part, “Principal Act” means the Wool Tax Act (No. 1) 19641.

Rate of tax

4. Section 5 of the Principal Act is amended:

(a)     by omitting “tax, other than additional tax, imposed on shorn wool” and substituting “tax imposed on shorn wool other than carpet wool”;

(b)    by omitting from paragraph (a) “30%” and substituting “15%”;

(c)     by adding at the end the following subsection:

“(2) The rate of tax imposed on carpet wool sold by a wool-broker is:

(a)     4% of the sale value of the wool; or

(b)     if a lower rate is applicable to the wool under the regulations—that lower rate.”.

Repeal of section

5. Section 5a of the Principal Act is repealed.

Regulations

6. Section 6 of the Principal Act is amended:

(a)     by omitting from subsection (2) “5 (b) or 5a (2) (b)” and substituting “5 (1) (b) or 5 (2) (b)”;

(b)    by omitting from subsection (2) “shorn” and “, or additional tax, as the case requires,”;

(c)     by omitting subsection (3);

(d)    by omitting from subsection (4) “5 (b)” (first occurring) and substituting “5 (1) (b) or 5 (2) (b)”;

(e)     by omitting paragraph (4) (a);

(f)      by omitting from paragraph (4) (b) “in the case of a rate applicable to carpet wool—”;

(g)     by omitting from paragraph (4) (c) “paragraph 5 (b)” and substituting “the corresponding paragraph”;

(h) by inserting in subsection (5) “that is to be applicable on or after 1 July 1992” after “tax”;

(i) by omitting paragraphs (5) (a) and (b) and substituting the following paragraphs:

“(a) in the case of regulations to prescribe a rate for the purposes of paragraph 5 (1) (b):

(i) the recommendations in relation to the prescription of that rate made by:

(a) the Australian Wool Realisation Commission; and

(b) the annual or special general meeting of wool-tax payers last held under Part 6 of the Australian Wool Corporation Act 1991; and

(c) the annual general meeting last held by the Wool Research and Development Corporation under Division 7 of Part 2 of the Primary Industries and Energy Research and Development Act 1989; and

(ii) any views in relation to that rate expressed by the Wool Council of Australia to the Australian Wool Realisation Commission; or

(b) in the case of regulations to prescribe a rate for the purpose of paragraph 5 (2) (b)—any recommendation in relation to the prescription of that rate made by:

(i) the annual or special general meeting of wool-tax payers last held under Part 6 of the Australian Wool Corporation Act 1991; and

(ii) the annual general meeting last held by the Wool Research and Development Corporation under Division 7 of Part 2 of the Primary Industries and Energy Research and Development Act 1989”.

PART 3—AMENDMENT OF THE WOOL TAX (No. 1) FURTHER AMENDMENT ACT 1990

Principal Act

7. In this Part, “Principal Act” means the Wool Tax (No. 1) Further Amendment Act 19902.

Repeal of section

8. Section 7 of the Principal Act is repealed.

NOTES

  1. No. 25, 1964, as amended. For further amendments, see No. 64. 1973; No. 66, 1974; No. 86, 1975; Nos. 37 and 72, 1976; No. 44, 1977; No. 72, 1978; No. 32, 1979; No. 51, 1980; No. 85, 1985; No. 46, 1987; and Nos. 63 and 91, 1990.

2.      No. 91, 1990.

[Minister’s second reading speech made in—

House of Representatives on 31 May 1991 a.m.

Senate on 5 June 1991]