Wool Tax (No. 1) Amendment Act 1987

No. 46 of 1987

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

[Assented to 5 June 1987]

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

Short title etc.

1. (1) This Act may be cited as the Wool Tax (No. 1) Amendment Act 1987.

(2) The Wool Tax Act (No. 1) 1964¹ is in this Act referred to as the Principal Act.

Commencement

2. This Act shall come into operation on 1 July 1987.

Rate of tax

3. Section 5 of the Principal Act is amended by omitting from paragraph (a) “8” and substituting “10”.

Regulations

4. Section 6 of the Principal Act is amended by omitting paragraph (2) (a) and substituting the following paragraph:

“(a) be not less than 5.25%; and”.

NOTE

1. No. 25, 1964, as amended. For previous 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; and No. 85, 1985.

[Minister’s second reading speech made in—

House of Representatives on 30 April 1987

Senate on 11 May 1987]