Wool Tax (No. 2) Amendment Act 1993

No. 67 of 1993

An Act to amend the Wool Tax Act (No. 2) 1964

[Assented to 12 November 1993]

The Parliament of Australia enacts:

Short title etc.

1.(1) This Act may be cited as the Wool Tax (No. 2) Amendment Act 1993.

(2) In this Act, “Principal Act” means the Wool Tax Act (No. 2) 19641.

Commencement

2. This Act commences on the day on which the Australian Wool Research and Promotion Organisation Act 1993 commences.

Regulations

3. Section 6 of the Principal Act is amended by omitting subsection (5) and substituting the following subsection:

“(5) Before making regulations under this section prescribing a rate of tax that is to apply in relation to a financial year commencing on or after 1 July 1994, the Governor-General is required to take into consideration:

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

(i) the percentage fixed by subsection 43(2) of the Wool International Act 1993; and

(ii) the recommendations that are the current recommendations applying to the financial year for the purposes of sections 49 and 50 of the Australian Wool Research and Promotion Organisation Act 1993; or

(b) in the case of regulations to prescribe a rate for the purposes of paragraph 5(2)(b), the recommendations that are the current recommendations applying to the financial year for the purposes of sections 49 and 50 of the Australian Wool Research and Promotion Organisation Act 1993.”.

Further amendments

4. The Principal Act is further amended as set out in the Schedule.

______________

SCHEDULE Section 4

FURTHER AMENDMENTS

Title:

Omit “Registered”.

Paragraph 4(1)(b):

Omit “registered”.

Subsection 4(3):

Omit “registered” (wherever occurring).

Subsection 4(4):

Omit “registered”.

Subsection 5(1):

Omit “registered”.

Subsection 5(2):

Omit “registered”.

NOTE

1. No. 26, 1964, as amended. For previous amendments, see No. 65, 1973; No. 67, 1974; No. 87, 1975; Nos. 37 and 73, 1976; No. 45, 1977; No. 73, 1978; No. 33, 1979; No. 52, 1980; No. 86, 1985; No. 47, 1987; Nos. 64 and 92, 1990; and No. 103, 1991.

[Minister’s second reading speech made in—

House of Representatives on 30 September 1993

Senate on 18 October 1993]