No. 58 of 1992

An Act to amend the Wool Tax (Administration) Act 1964

[Assented to 22 June 1992]

The Parliament of Australia enacts:

Short title etc.

1.(1) This Act may be cited as the Wool Tax (Administration) Amendment Act 1992.

(2) In this Act, “Principal Act” means the Wool Tax (Administration) Act 19641.

Commencement

2.     This Act commences on the day on which it receives the Royal Assent.

3.     After section 12 of the Principal Act the following section is inserted in Part III:

Rebate of tax

“12A.(1) In this section:

‘shorn wool tax’ means tax imposed on shorn wool (other than carpet wool) by a Wool Tax Act.

“(2) If, in a financial year, the Minister administering the Australian Wool Realisation Commission Act 1991 makes a determination (under paragraph 24B(4)(a) of that Act) that persons who will become liable under section 11 to pay shorn wool tax imposed during the following financial year should be entitled to a rebate of that tax, any person who is liable (or would, apart from section 12, be liable) under section 11 to pay shorn wool tax imposed during the following financial year is entitled to a rebate of that tax.

“(3) The amount of the rebate is equal to such percentage of the sale value of the shorn wool (other than carpet wool) on which the person is liable to pay the tax as is specified in the determination.

“(4) If a person liable to pay shorn wool tax under section 11 is entitled to a rebate of the tax, that person, or any person liable under section 12 to pay the tax, is only required to pay, in discharge of the liability, the difference between the amount of the tax and the amount of the rebate.”.

NOTE