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Wool Tax Act (No. 1) 1964

Act No. 25 of 1964 as amended, taking into account amendments up to Act No. 64 of 1973
Registered 08 Dec 2009
Start Date 18 Jun 1973
End Date 01 Sep 1974
Date of repeal 14 Sep 2006
Repealed by Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006

WOOL TAX ACT (No. 1) 1964
- Reprinted as at 18 June 1973 (HISTACT2 CHAP 546 #DATE 18:06:1973)

WOOL TAX ACT (No. 1) 1964 - TABLE OF PROVISIONS

TABLE


WOOL TAX ACT (No. 1) 1964

TABLE OF PROVISIONS
Section
1. Short title
2. Commencement
3. Administration Act to be read with this Act
4. Imposition of tax
5. Rate of tax
6. Regulations

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WOOL TAX ACT (No. 1) 1964 - SECT. 1.
Short title.

SECT

Wool-Broker.
Short title amended; No. 32, 1918, s. 2.
1. This Act may be cited as the Wool Tax Act (No. 1) 1964.*

WOOL TAX ACT (No. 1) 1964 - SECT. 2.
Commencement

SECT

2. This Act shall come into operation on the day on which it receives the Royal Assent.*

WOOL TAX ACT (No. 1) 1964 - SECT. 3.
Administration Act to be read with this Act.

SECT

3. The Wool Tax (Administration) Act 1964 shall be read as one with this Act.

WOOL TAX ACT (No. 1) 1964 - SECT. 4.
Imposition of tax.

SECT

Sub-section (1) amended by No. 64, 1973, s. 4.
4. (1) Subject to this section, a tax is imposed on all shorn wool-

(a) produced in Australia; and

(b) on or after 1st July, 1964, sold by a wool-broker.

(2) Tax is not imposed by this Act on shorn wool on which a tax has been imposed, whether before or after the commencement of this Act, by a repealed Wool Tax Act.
Amended by No. 64, 1973, s. 4.

(3) If shorn wool that has, on or after 1st July, 1964, been sold by a wool-broker is again sold by a wool-broker, tax is not imposed by this Act on that wool by reason of the last-mentioned sale.

(4) If shorn wool on which a tax has been imposed by a Wool Tax Act other than this Act is sold by a wool-broker, tax is not imposed by this Act on that wool by reason of that sale.

(5) A reference in this section to a sale of shorn wool by a wool- broker shall be read as a reference to a sale by auction or by any other means.

WOOL TAX ACT (No. 1) 1964 - SECT. 5.
Rate of tax.

SECT

Amended by No. 64, 1973, s. 3.
5. The rate of the tax is-

(a) three per centum of the sale value of the wool; or

(b) if a lower rate prescribed under the next succeeding section is applicable-that lower rate.

WOOL TAX ACT (No. 1) 1964 - SECT. 6.
Regulations.

SECT

6. (1) The Governor-General may make regulations prescribing a rate of tax lower than the rate specified in paragraph (a) of the last preceding section.

(2) The regulations may limit the application of a rate of tax prescribed by the regulations to a period specified in the regulations.
Amended by No. 64, 1973, s. 4.

(3) Before making regulations under this section prescribing a rate of tax, the Governor-General shall take into consideration any recommendations with respect to that rate made to the Minister by the Australian Wool Industry Conference, being the organization that was formed under that name on 24th October, 1962.
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WOOL TAX ACT (No. 1) 1964 - NOTE


NOTE
1. The Wool Tax Act (No. 1) 1964 comprises the Wool Tax Act (No. 1) 1964 as amended by the other Act specified in the following table:
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Number Date of Assent
Act and year and of commencement
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Wool Tax Act (No. 1) 1964 No. 25, 1964 26 May 1964
Wool Tax Act (No. 1) 1973 No. 64, 1973 18 June 1973
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