WOOL TAX ACT (No. 1) 1974

No. 66 of 1974

An Act to amend the Wool Tax Act (No. 1) 1964-1973.

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

Short title and citation.

1. (1) This Act may be cited as the Wool Tax Act (No. 1) 1974.

(2) The Wool Tax Act (No. 1) 1964-1973 is in this Act referred to as the Principal Act.

(3) The Principal Act, as amended by this Act, may be cited as the Wool Tax Act (No. 1) 1964-1974.

Commencement.

2. This Act shall be deemed to have come into operation on 2 September 1974.

Rate of tax.

3. Section 5 of the Principal Act is amended—

(a) by omitting the words “The rate” and substituting the words “Subject to sub-section (2), the rate”; and

(b) by adding at the end thereof the following sub-section: —

“(2) The rate of the tax in respect of wool sold by a wool-broker on or after 2 September 1974 and before 1 July 1975, is a rate per centum of the sale value of the wool equal to the sum of 5 per centum and the rate per centum that would, but for this sub-section, be the rate of the tax. ”.

Regulations.

4. Section 6 of the Principal Act is amended by omitting from sub-section (1) the words “paragraph (a) of the last preceding section” and substituting the words “paragraph 5(1)(a)”.

Application.

5. Where tax has been paid before the date on which this Act, received the Royal Assent in respect of wool on which tax was imposed by section 4 of the Principal Act, being wool sold by a wool-broker on or after 2 September 1974, the further tax imposed on that wool by virtue of the operation of this Act is due and payable at the expiration of 21 days after that first-mentioned date.