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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. 66 of 1993
Registered 08 Dec 2009
Start Date 01 Dec 1993
End Date 02 May 2000
Date of repeal 14 Sep 2006
Repealed by Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006

WOOL TAX ACT (No. 1) 1964
- Updated as at 6 December 1993 (#DATE 06:12:1993)

*1* The Wool Tax Act (No. 1) 1964 as shown in this reprint comprises Act No. 25, 1964 amended as indicated in the Tables below.
Table of Acts
Act Date Date of Application
Number and of assent commencement saving or
year transitional
provisions
Wool Tax Act (No. 1) 1964
25, 1964 26 May 1964 26 May 1964
Wool Tax Act (No. 1) 1973
64, 1973 18 June 1973 18 June 1973 -
Wool Tax Act (No. 1) 1974
66, 1974 1 Oct 1974 2 Sept 1974 S. 5
Wool Tax Act (No. 1) 1975
86, 1975 25 June 1975 25 June 1975 -
Wool Tax Amendment Act (No. 1) 1976
72, 1976 10 June 1976 10 June 1976 -
Wool Tax Amendment Act (No. 1) 1977
44, 1977 7 June 1977 7 June 1977 -
Wool Tax Amendment Act (No. 1) 1978
72, 1978 22 June 1978 22 June 1978 -
Wool Tax Amendment Act (No. 1) 1979
32, 1979 7 June 1979 7 June 1979 -
Wool Tax (No. 1) Amendment Act 1980
51, 1980 23 May 1980 1 July 1980 -
Wool Tax (No. 1) Amendment Act 1985
85, 1985 6 June 1985 1 July 1985 -
Wool Tax (No. 1) Amendment Act 1987
46, 1987 5 June 1987 1 July 1987 -
Wool Tax (No. 1) Amendment Act 1990
63, 1990 16 June 1990 16 June 1990 S. 4
Wool Tax (No. 1) Further Amendment Act 1990
91, 1990 29 Nov 1990 4 Oct 1990 S. 7 (rep. by
102, 1991,
s. 8)
as
amended
by
Wool Tax (No. 1) Amendment Act 1991
102, 1991 27 June 1991 1 July 1991 -
Wool Tax (No. 1) Amendment Act 1991
102, 1991 27 June 1991 1 July 1991 -
Wool Tax (No. 1) Amendment Act 1992
53, 1992 22 June 1992 1 July 1992 -
Wool Tax (No. 1) Amendment Act 1993
66, 1993 12 Nov 1993 1 Dec 1993 -
(see s. 2 and Gazette 1993
No. GN46)
Table of Amendments
ad=added or inserted am=amended rep=repealed rs=repealed and substituted
Provision affected How affected
S. 4 am. No. 64, 1973; No. 32, 1979; No. 91, 1990
S. 5 am. No. 64, 1973; No. 66, 1974; No. 86,
1975; No. 72, 1976; No. 44, 1977; No. 72,
1978; No. 32, 1979
rs. No. 51, 1980; No. 85, 1985
am. No. 46, 1987; No. 63, 1990; No. 91,
1990; No. 102, 1991; No. 53, 1992
S. 5A ad. No. 91, 1990
rep. No. 102, 1991
S. 6 am. No. 64, 1973; No. 66, 1974; No. 32,
1979; No. 51, 1980; No. 85, 1985; No. 46,
1987
rs. No. 91, 1990
am. No. 102, 1991; No. 66, 1993

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

TABLE

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

WOOL TAX ACT (No. 1) 1964 - LONG TITLE

SECT

An Act to impose a Tax upon Shorn Wool produced in
Australia and sold by a Wool-Broker.

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

SECT

1. This Act may be cited as the Wool Tax Act (No. 1) 1964.*1* SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .

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.*1* SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .

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

4. (1) Subject to this section, tax is imposed on all shorn wool:
(a) produced in Australia; and
(b) on or after 1 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.

(3) If shorn wool that has, on or after 1 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

5. (1) The rate of tax imposed on shorn wool other than carpet wool sold by a wool-broker is:
(a) 15% of the sale value of the wool; or
(b) if a lower rate is applicable to the wool under the regulations - that lower rate.

(2) The rate of tax imposed on carpet wool sold by a wool-broker is:
(a) 6% of the sale value of the wool; or
(b) if a lower rate is applicable to the wool under the regulations - that lower rate.

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

SECT

6. (1) The Governor-General may make regulations, not inconsistent with this Act, prescribing matters:
(a) required or permitted by this Act to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.

(2) A rate prescribed for the purpose of paragraph 5 (1) (b) or 5 (2) (b) must be a rate that is a particular percentage of the sale value of the wool on which tax is payable.

(4) A percentage specified in a rate of tax prescribed for the purpose of paragraph 5 (1) (b) or 5 (2) (b):
(b) must not be less than 2.75%; and
(c) must not be such that, at any time, the percentage is different from a percentage specified in a rate of tax prescribed for the purpose of the corresponding paragraph of another Wool Tax Act in respect of the same kind of wool.

(5) Before making regulations under this section prescribing a rate of tax that is to apply in relation to a financial year commencing on or after 1 July 1994, the Governor-General is required to take into consideration:
(a) in the case of regulations to prescribe a rate for the purposes of paragraph 5 (1) (b):
(i) the percentage fixed by subsection 43(2) of the Wool International Act 1993; and
(ii) the recommendations that are the current recommendations applying to the financial year for the purposes of sections 49 and 50 of the Australian Wool Research and Promotion Organisation Act 1993; or
(b) in the case of regulations to prescribe a rate for the purposes of paragraph 5 (2) (b), the recommendations that are the current recommendations applying to the financial year for the purposes of sections 49 and 50 of the Australian Wool Research and Promotion Organisation Act 1993.