Primary Industries and Energy Legislation Amendment Act (No. 2) 1992 (Cth)
PART 1—PRELIMINARY
Section | |
| Short title |
| Commencement |
PART 2—AMENDMENT OF THE AUSTRALIAN MEAT AND LIVE-STOCK CORPORATION ACT 1977 | |
| Principal Act |
| Evidence of analyst |
PART 3—AMENDMENTS OF THE AUSTRALIAN WOOL CORPORATION ACT 1991 | |
| Principal Act |
| Payments to Commonwealth in relation to exotic animal disease control |
| Insertion of new section: |
| |
| Interpretation |
| Register of wool-tax payers |
| Purpose of annual general meeting |
| Membership of Corporation |
| Interpretation |
| Insertion of new section: |
|
TABLE OF PROVISIONS—
PART 4—AMENDMENTS OF THE AUSTRALIAN WOOL REALISATION COMMISSION ACT 1991 | |
Section | |
| Principal Act |
| Assessment and revision of debt repayment program |
| Performance of functions etc. subject to guidelines |
| Dealings with Stockpile Fund |
| Insertion of new Division: |
| |
| |
| |
| |
| |
| Payments to Commission |
| Commission may charge for services |
| Insertion of new section: |
| |
| Membership of Commission |
| Transitional—annual report |
PART 5—AMENDMENTS OF THE PRIMARY INDUSTRIES AND ENERGY RESEARCH AND DEVELOPMENT ACT 1989 | |
| Principal Act |
| Definitions |
| List of levy payers etc. |
| Regulations may provide for certain matters |
PART 6—AMENDMENT OF THE PRIMARY INDUSTRIES LEVIES AND CHARGES COLLECTION ACT 1991 | |
| Principal Act |
| Interpretation |
PART 7—AMENDMENT OF THE SNOWY MOUNTAINS HYDRO-ELECTRIC POWER ACT 1949 | |
| Principal Act |
| Insertion of new section: |
|
[
The Parliament of Australia enacts:
“(2) An analyst appointed under subsection (1) may sign a certificate stating that the person who signed the certificate was appointed as an analyst under subsection (1) and also stating, in relation to a substance, any of the following:
(a) when, where and from whom the analyst received the substance;
(b) what, if any, labels or other means of identifying the substance accompanied it when it was received;
(c) in what container or containers the substance was received;
(d) a description, and the weight, of the substance received;
(e) if the substance, or any portion of it, was examined or analysed:
(i) the name of the method of examination or analysis; and
(ii) the results of the examination or analysis;
(f) how the substance was dealt with after handling by the analyst, including details of:
(i) the quantity retained; or
(ii) the name of the person, if any, to whom any retained quantity was given; or
(iii) measures taken to secure any retained quantity.
“(3) For the purposes of this Act, but subject to subsection (4), a certificate purporting to have been signed under subsection (2) is admissible as
6. Section 26 of the Principal Act is amended:
(a) by omitting from subsection (1) “on 1 July in” and “such amount as is prescribed to the Commonwealth” and substituting
“in respect of” and “to the Commonwealth such amount as is prescribed for that financial year” respectively;
(b) by omitting from subsection (2) “the purposes of subsection (1)” and “last recommended by those members to the Minister” and substituting “a particular year” and “recommended” respectively;
(c) by adding at the end the following subsection:
“(3) The amount payable under subsection (1) may be paid by quarterly instalments.”.
“27.(1) In this section:
(a) a forward exchange rate contract; or
(b) a contract with respect to currency futures;
(a) a deferred delivery contract; or
(b) a contract with respect to financial futures; or
(c) a contract with respect to commodity futures.
“(2) This section applies to the following contracts:
(a) currency contracts;
(b) interest rate contracts;
(c) futures contracts;
(d) contracts relating to:
(i) dealings known as currency swaps; or
(ii) dealings known as interest rate swaps; or
(iii) dealings known as commodity swaps;
(e) contracts relating to 2 or more of the dealings referred to in paragraph (d);
(f) options (including futures options);
(g) contracts of a kind approved by the Minister in writing.
“(3) Subject to subsection (6), the Corporation may enter into and deal with contracts to which this section applies for hedging purposes in relation to:
(a) a borrowing or raising, or a proposed borrowing or raising, of money by the Corporation; or
(b) an investment of money by the Corporation; or
(c) a purchase or sale of wool; or
(d) the making by the Corporation of a payment outside Australia
in relation to the promotion of the use of wool and wool products; or
(e) a transaction in foreign currency.
“(4) The Minister may, by written determination, set guidelines for the exercise by the Corporation of its powers under subsection (3) and must give the Corporation a copy of each determination made.
“(5) Without limiting subsection (4), the guidelines may provide that:
(a) the Corporation is not to enter into or deal with contracts of a particular kind; or
(b) the Corporation is to enter into or deal with contracts of a particular kind only if the contract relates to specified matters.
“(6) The Corporation must not enter into or deal with a contract to which this section applies contrary to any guidelines in force under subsection (4).
“(7) A contract is taken to be entered into or dealt with for hedging purposes only if the contract is entered into or dealt with for the purpose of:
(a) managing the risk of variations in:
(i) the costs of a borrowing or raising, or a proposed borrowing or raising, of money by the Corporation; or
(ii) the revenue obtainable by the Corporation from the investment of money by the Corporation; or
(iii) the amount payable to the Corporation for any wool sold by it; or
(iv) the amount payable by the Corporation for any wool bought by it; or
(v) the amount of any payment referred to in paragraph (3)(d); or
(vi) a payment to or by the Corporation in relation to a transaction in foreign currency; or
(b) maintaining the value of investments made by the Corporation.”.
8. Section 38 of the Principal Act is amended:
(a) by omitting “have been” and substituting “are”;
(b) by omitting “for the purposes of the general meeting to be held in that financial year” and substituting “on the day of the meeting”.
9. Section 40 of the Principal Act is amended:
(a) by omitting subsections (1) and (2) and substituting the following subsections:“(1) The Corporation must establish and maintain a register for the purpose of ascertaining whether a person is entitled to debate and vote at the annual general meeting, and any special general meeting, held in a particular financial year.
“(1A) The Corporation must cause to be entered on the register the particulars of any person who:
(a) applies to have his or her particulars entered on the register; and
(b) was liable to pay wool tax imposed during the financial year immediately preceding the financial year in which the application is made; and
(c) has paid that wool tax.
“(1B) If a person’s particulars are on the register, their registration is renewed if:
(a) the person applies for the registration to be renewed; and
(b) the person was liable to pay wool tax imposed during the financial year immediately preceding the financial year in which the application is made; and
(c) the person has paid that wool tax.
“(1C) A person whose particulars are on the register may, at any time, apply in writing to have those particulars removed from the register.
“(1D) Unless a person has applied under subsection (1C) to have his or her particulars removed from the register, those particulars are to remain on the register for a period of 3 years beginning:
(a) on 1 July in the financial year in which the particulars were entered on the register under subsection (1A); or
(b) if the registration of the particulars was renewed under subsection (1B)—on 1 July in the financial year in which the registration was renewed or last renewed (as the case may be).
“(1E) A person’s particulars are to be removed from the register if:
(a) the person has applied under subsection (1C) to have them removed; or
(b) they are not required to remain on the register under subsection (1D).
“(2) The register is to be used also to ascertain whether a person is an eligible levy payer for the purposes of the annual general meeting of the Wool Research and Development Corporation held in a particular year.”;
(b) by inserting in paragraph (3)(b) “on a registration under subsection (1A) or the renewal of a registration under subsection (1B)” after “register”;
(c) by omitting from subsection (4) “A” and substituting “The”.
“(ba) any motion relating to a matter within the Corporation’s responsibilities;”.
“(6) The following persons may not be appointed as members of the Corporation:
(a) a Member of Parliament;
(b) an individual who is a member of a prescribed organisation (being an organisation representing a sector of the wool industry);
(c) an individual who is a member of the executive of a prescribed organisation (being an organisation representing a sector of the wool industry).”.
12. Section 77 of the Principal Act is amended:
(a) by omitting “by the Association” from paragraph (a) of the definition of “examinable document”;
(b) by omitting “the Association” from the definitions of “registered laboratory”, “registered sampling site” and “registered showfloor” and substituting “the registration authority prescribed for the purposes of this definition”;
(c) by adding at the end the following definition:
“;
‘registration authority’ has the meaning given by section 77A”.
“77A. Each of the following is a registration authority:
(a) the Association;
(b) any person or body prescribed for the purposes of this section.”.
“(iia) in the payment of amounts payable under section 24C; or”.
“
“24A. In this Division:
“24B.(1) The object of this section is to give power to the Minister to determine whether surplus money from the Stockpile Fund should be distributed for the benefit of persons liable to pay shorn wool tax or retained in the Fund.
“(2) Before 1 June in every financial year, the Commission must advise the Minister in writing whether the Commission is of the view that on 30 June there will be money standing to the credit of the Stockpile Fund that, apart from this Division, would not reasonably be required for:
(a) the prudent management of the debt repayment program; and
(b) the operation of the Stockpile Fund in accordance with Part 3.
“(3) If the Commission is of the view that there will be money so standing to the credit of the Stockpile Fund, the Commission must specify in the advice the amount of the money.
“(4) If, in a financial year, the Commission advises the Minister as provided in subsection (3), the Minister must, on or before 30 June:
(a) make one, or both, of the following determinations:
(i) a determination that persons who are, or have been, liable under section 11 of the Administration Act to pay shorn wool tax imposed in the financial year should be entitled to receive a payment from the Commission;
(ii) a determination that persons who will become liable under section 11 of the Administration Act to pay shorn wool tax imposed during the following financial year should be entitled to a rebate of that tax; or
(b) decide not to make any determination under paragraph (a).
“(5) If the Minister makes the determination referred to in subparagraph (4)(a)(i), the Minister must specify in the determination the rate applicable for determining the amount to be paid to each person, being a rate expressed as a particular percentage of the shorn wool tax paid by the person in respect of the financial year.
“(6) If the Minister makes the determination referred to in subparagraph (4)(a)(ii), the Minister must specify in the determination the rate (expressed as a particular percentage of the sale value of the shorn wool on which shorn wool tax is payable) applicable for determining the amount of rebate to which each person is entitled.
“(7) If this Division comes into force on or after 1 June 1992:
(a) the Commission must, as soon as practicable after the Division is in force, advise the Minister in writing whether the Commission is of the view that on 30 June 1992 there was, or there will be, (as the case may be) money standing to the credit of the Stockpile Fund that, apart from this Division, would not reasonably be required for:
(i) the prudent management of the debt repayment program; and
(ii) the operation of the Stockpile Fund in accordance with Part 3; and
(b) if the Commission advises the Minister as provided in paragraph (a), the Minister must, as soon as possible, make one or both of the following determinations:
(i) a determination that persons who are, or have been, liable under section 11 of the Administration Act to pay shorn wool tax imposed in the financial year ending on 30 June 1992 should be entitled to receive a payment from the Commission;
(ii) a determination that persons who will become liable under section 11 of the Administration Act to pay shorn wool tax imposed during the financial year commencing on 1 July 1992 should be entitled to a rebate of that tax;
or decide not to make a determination under this paragraph; and
(c) if the Minister makes the determination referred to in subparagraph (b)(i), the determination is to be taken for the purposes of this Act to be a determination referred to in subparagraph (4)(a)(i) made on 30 June 1992; and
(d) if the Minister makes the determination referred to in subparagraph (b)(ii), the determination is to be taken:
(i) for the purposes of this Act; and
(ii) for the purposes of section 12A of the Administration Act;
to be a determination referred to in subparagraph (4)(a)(ii) made on 30 June 1992.
“(8) Before deciding whether to make a determination under this section, the Minister must consult with the Wool Council, the Minister for Finance and the Treasurer.
“(9) A determination under this section must be published in the
“(10) If the Minister decides not to make a determination, the Minister must give notice of the decision in the
“24C.(1) If:
(a) the Minister makes in a financial year a determination referred to in subparagraph 24B(4)(a)(i); and
(b) a person proves to the satisfaction of the Commission that the person was liable under section 11 of the Administration Act to pay, and has paid, shorn wool tax imposed during the financial year;
the Commission must pay to the person an amount equal to such percentage of the shorn wool tax so proved to have been paid by the person as is applicable under the determination.
“(2) Payments under subsection (1) are to be made within the period, and in the manner, provided for by the regulations.
“(3) For the purposes of subsection (1), if:
(a) a person is liable to pay shorn wool tax under section 11 of the Administration Act; and
(b) another person pays the tax under section 12 of that Act; the tax is taken to have been paid by the first-mentioned person.
“24D.(1) The Commissioner of Taxation must, as soon as practicable after the commencement of this section, give to the Commission a copy of the registers kept, at that commencement, under sections 13, 14, 15 and 16 of the Administration Act.
“(2) The Commissioner of Taxation must, as soon as practicable after an alteration is made to one of those registers, give to the Commission a copy of the alteration.
“24E. The Commissioner of Taxation must, as soon as practicable after each financial year, give to the Commission, from returns lodged with the Commissioner under the Administration Act, such information as the Commission requires in relation to:
(a) shorn wool (other than carpet wool) on which tax was imposed in that year; and
(b) tax payable under subsection 5(1) of a Wool Tax Act.”.
19. Section 25 of the Principal Act is amended:
(a) by omitting from subsection (1) “Where” and substituting “Subject to subsection (1A), when”;
(b) by inserting after subsection (1) the following subsection:
“(1A) If, as a result of a determination referred to in subparagraph 24B(4)(a)(ii) made by the Minister, persons liable to pay wool tax imposed on shorn wool (other than carpet wool) in the financial year were entitled to a rebate of that tax, the amount payable to the Commission under subsection (1) in respect of any particular Shorn wool is reduced by an amount equal to such percentage of the sale value of that shorn wool as is applicable under the determination.”;
(c) by inserting in subsection (3) “, (1A)” after “(1)”.
Section 26 of the Principal Act is amended by omitting “(g)” and substituting “(h)”.
Section 29 of the Principal Act is repealed and the following section is substituted:
“29.(1) In this section:
(a) a forward exchange rate contract; or
(b) a contract with respect to currency futures;
(a) a deferred delivery contract; or
(b) a contract with respect to financial futures; or
(c) a contract with respect to commodity futures.
“(2) This section applies to the following contracts:
(a) currency contracts;
(b) interest rate contracts;
(c) futures contracts;
(d) contracts relating to:
(i) dealings known as currency swaps; or
(ii) dealings known as interest rate swaps; or
(iii) dealings known as commodity swaps;
(e) contracts relating to 2 or more of the dealings referred to in paragraph (d);
(f) options (including futures options);
(g) contracts of a kind approved by the Minister in writing.
“(3) Subject to subsection (6), the Commission may enter into and deal with contracts to which this section applies for hedging purposes in relation to:
(a) a borrowing or raising, or a proposed borrowing or raising, of money by the Commission; or
(b) an investment of money by the Commission; or
(c) a sale of wool from the wool stockpile; or
(d) a transaction in foreign currency.
“(4) The Minister may, by written determination, set guidelines for the exercise by the Commission of its powers under subsection (3) and must give the Commission a copy of each determination made.
“(5) Without limiting subsection (4), the guidelines may provide that:
(a) the Commission is not to enter into or deal with contracts of a particular kind; or
(b) the Commission is to enter into or deal with contracts of a particular kind only if the contract relates to specified matters.
“(6) The Commission must not enter into or deal with a contract to which this section applies contrary to any guidelines in force under subsection (4).
“(7) A contract is taken to be entered into or dealt with for hedging purposes only if the contract is entered into or dealt with for the purpose of:
(a) managing the risk of variations in:
(i) the costs of a borrowing or raising, or a proposed borrowing or raising, of money by the Commission; or
(ii) the revenue obtainable by the Commission from the investment of money by the Commission; or
(iii) the amount payable to the Commission for any wool sold from the wool stockpile; or
(iv) a payment to or by the Commission in relation to a transaction in foreign currency; or
(b) maintaining the value of investments made by the Commission.”.
“(6) The following persons may not be appointed as members of the Commission:
(a) a Member of Parliament;
(b) an individual who is a member of a prescribed organisation (being an organisation representing a sector of the wool industry)”;
(c) an individual who is a member of the executive of a prescribed organisation (being an organisation representing a sector of the wool industry).”.
27. Section 61 of the Principal Act is amended:
(a) by inserting in paragraph (a) “R & D” before “Corporation” (first occurring);
(b) by inserting in paragraph (e) “if the Corporation is a corporation to which a levy is attached—” before “the method”;
(c) by inserting after paragraph (e) the following paragraph:
“(ea) the method of determining the number of votes that an eligible levy payer of the R & D Corporation in respect of the wool industry may cast when voting at an annual general meeting of that Corporation;”.
“
(a) $50; or
(b) if, before the commencement of the levy year, another amount is prescribed in relation to that year, that prescribed amount;
(a) 15 tonnes; or
(b) if, before the commencement of the levy year, another weight is prescribed in relation to that year, that prescribed weight;”.
In this Part,
Section 31 of the Principal Act is repealed and the following section is substituted:
“31. The Authority may not, without the approval of the Minister, enter into a contract involving the payment or receipt of an amount exceeding $2,000,000.”.
1. No. 67, 1977, as amended. For previous amendments see No. 36, 1978; No. 76, 1979; No. 167, 1980; Nos. 61 and 150, 1981; Nos. 46 and 48, 1982; No. 57, 1984; No. 13, 1985; No. 77, 1986; No. 155, 1987; Nos. 51, 99 and 111, 1988; No. 88, 1989; Nos. 113 and 139, 1990; and Nos. 26 and 39, 1991.
No. 108, 1991, as amended. For previous amendment, see No. 125, 1991.
No. 107, 1991, as amended. For previous amendment, see No. 125, 1991.
4. No. 17, 1990, as amended. For previous amendments, see No. 134, 1990; and Nos. 26, 31, 109, 125 and 163, 1991.
No. 26, 1991.
6. No. 25, 1949, as amended. For previous amendments, see No. 47, 1951; No. 35, 1952; No. 69, 1955; No. 45, 1956; No. 31, 1958; No. 93, 1966; No. 216, 1973; No. 29, 1975; No. 36, 1978; No. 156, 1979; No. 86, 1983; No. 65, 1985; No. 76, 1986; No. 21, 1989; and No. 134, 1990.
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House of Representatives on 6 May 1992
Senate on 27 May 1992
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