States Grants
(Receipts Duty)
No. 102 of 1970
An
Act to provide for the making of Grants to the States of Amounts of Receipts
Duty paid to the Commonwealth.
[Assented to 4 November 1970]
BE
it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of
Representatives of the Commonwealth of Australia, as follows:—
Short
title.
1. This Act may be cited as the States Grants (Receipts Duty) Act 1970.
Commencement.
2.This Act shall come into operation on the day on which
it receives the Royal Assent.
Definitions.
3. In this Act—
“additional
duty” means—
(a)additional duty payable under sub-section (1.) of section 38, under
sub-section (2.) of section 40, or under sub-section (1.) of section 61, of the
Receipts Duties (Administration) Act; and
(b)an amount ordered to be paid to the Commissioner of Taxation under
sub-section (1.) of section 60, or under section 63, of that Act;
“receipts
duty” means duty payable in accordance with the Receipts Duties (Administration)
Act, and includes additional duty;
“the
Receipts Duties (Administration) Act” means the States Receipts Duties (Administration) Act 1970.
Receipts
Duty Trust Account.
4.—(1.) An account is hereby established to be
known as the Receipts Duty Trust Account.
(2.) The Receipts
Duty Trust Account is a Trust Account for the purposes of section 62a of the Audit Act 1901–1969.
Moneys
to be paid into the Trust Account.
5.There shall be paid into the Receipts Duty Trust
Account amounts equal to amounts of receipts duty received by the Commonwealth.
Payment
of financial assistance to the States.
6.There is payable to each State, for the purpose of
financial assistance out of moneys standing to the credit of the Receipts Duty
Trust Account, amounts equal to the amounts of receipts duty paid in respect of
money that is received in the State or in respect of money that, under the
Receipts Duties (Administration) Act, is to be deemed to have been received in
the State.
Repayment
of grants in respect of refunds and rebates of duty.
7.