WOOL SALES DEDUCTION (No. 2).

No. 31 of 1950.

An Act to provide for the Payment to the Commonwealth of a Proportion of the Appraised Value of Wool exported from the Commonwealth by Producers on or after the twenty-eighth day of August, One thousand nine hundred and fifty.

[Assented to 2nd December, 1950.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

1.  This Act may be cited as the Wool Sales Deduction Act (No. 2) 1950.

Commencement.

2.  This Act shall be deemed to have come into operation on the twenty-eighth day of August, One thousand nine hundred and fifty.

Interpretation.

3.—(1.)   In this Act, “the appraised value”, in relation to wool, means the amount estimated as the value of the wool by a person authorized by the Australian Wool Realization Commission to estimate values of wool for the purposes of this Act.

(2.)  Expressions used in this Act have the same meanings as they have in the Wool Sales Deduction (Administration) Act 1950.

Payments to the Commonwealth.

4.—(1.)  A producer of wool who, on or after the date of commencement of this Act, exports that wool is liable to pay to the Commonwealth a proportion of the appraised value of that wool, being such proportion as is fixed by the Parliament for the financial year in which the wool is exported.

(2.)  The proportion of the appraised value for the financial year which commenced on the first day of July, One thousand nine hundred and fifty, is one-fifth.

(3.)  Until a proportion of the appraised value is fixed by the Parliament for a later financial year, the proportion of the appraised value for that financial year is the proportion fixed for the immediately preceding financial year.

(4.)  The last preceding sub-section is subject to the provisions contained in the Wool Sales Deduction (Administration) Act 1950 for refunds where—

(a) the proportion of the appraised value fixed for a financial year is fixed after the commencement of that financial year and is less than the proportion fixed for the immediately preceding financial year; or

(b) no proportion of the appraised value is fixed for a financial year before the end of that financial year.

Exemptions.

5.  This Act does not apply—

(a) to a producer whose income is exempt from income tax under the provisions of the Income Tax Assessment Act 1936–1949; or

(b) in relation to wool produced in the Northern Territory of Australia.

Duration.

6.  This Act shall continue in force until a date to be fixed by Proclamation but not in any event after the Wool Sales Deduction (Administration) Act 1950 ceases to be in force.