Federal Register of Legislation - Australian Government

Primary content

Wool Tax (Administration) Amendment Act 1992

  • - C2004A04349
  • No longer in force
Act No. 58 of 1992 as made
An Act to amend the Wool Tax (Administration) Act 1964
Date of Assent 22 Jun 1992
Date of repeal 10 Mar 2016
Repealed by Amending Acts 1990 to 1999 Repeal Act 2016
 

WOOL TAX (ADMINISTRATION) AMENDMENT ACT 1992 No. 58 of 1992

WOOL TAX (ADMINISTRATION) AMENDMENT ACT 1992 No. 58 of 1992 - LONG TITLE

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

WOOL TAX (ADMINISTRATION) AMENDMENT ACT 1992 No. 58 of 1992 - SECT 1
Short title etc.

(Assented to 22 June 1992)
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 1964.*1*

(Minister's second reading speech made in -
House of Representatives on 6 May 1992
Senate on 27 May 1992)
*1* No. 30, 1964, as amended. For previous amendments, see No. 93, 1966; No. 216, 1973; No. 19, 1979; No. 134, 1980; No. 61, 1981; No. 122, 1982; No. 39, 1983; No. 123, 1984; Nos. 47, 65 and 123, 1985; Nos. 41 and 48, 1986; Nos. 62 and 145, 1987; No. 97, 1988; Nos. 60 and 96, 1990; and No. 216, 1991.

WOOL TAX (ADMINISTRATION) AMENDMENT ACT 1992 No. 58 of 1992 - SECT 2
Commencement

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

REMUNERATION AND ALLOWANCES LEGISLATION AMENDMENT ACT 1992 No. 52 of 1992 - SECT 3

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) undersection 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.".