WHEAT TAX (REPEAL AND REFUND).
No.
47 of 1948.
An Act to repeal the Wheat
Tax Act 1946, to provide for the Refund to Growers of Wheat of Moneys
raised under that Act, and for other purposes.
[Assented to 25th November, 1948.]
BE it enacted by the King’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 Wheat Tax (Repeal and Refund) Act 1948.
Commencement.
2.This
Act shall come into operation on the day on which it receives the Royal Assent.
Repeal.
3.The
Wheat Tax Act 1946 is repealed.
Definitions.
4.In
this Act—
“the
Board” means the Australian Wheat
Board constituted under the National Security (Wheat Acquisition) Regulations;
“the
Fund” means the Wheat Prices
Stabilization Fund established under the Wheat
Industry Stabilization Acts 1946.
Wheat
tax for certain seasons to cease to be payable.
5.Any
tax which, before the commencement of this Act, was payable by any person under
the Wheat Tax Act 1946 shall cease to
be payable, and shall not be collected, by deduction from any moneys payable to
that person or otherwise.
Payments
to Australian Wheat Board out of Wheat Prices Stabilization Fund.
6.There
shall be paid to the Board out of the Fund the following amounts in relation to
wheat of each of the two seasons to which the Wheat Tax Act 1946 applied:—
(a)an amount equal to each amount paid
into the Fund before the commencement of this Act in respect of amounts
collected under the Wheat Tax Act 1946
on wheat of that season; and
(b)an amount equal to the income which
accrued to the Fund from the investment of any amount so paid into the Fund.
Tax
in hand not to be paid to Stabilization Fund.
7.No
further payment shall be made to the Wheat Prices Stabilization Fund under
sub-section (1.) of section thirty-one of the Wheat Industry Stabilization Acts 1946 in respect of any amount
collected before the commencement of this Act under the Wheat Tax Act 1946 by deductions made by the Board, and any such
amounts held by the Board at the commencement of this Act shall be retained by
the Board for application in accordance with this Act.
Disposal
of moneys by Board
8.The
Board shall apply all moneys received or retained by it, in pursuance of this
Act, in relation to wheat of a season—
(a)in paying to the persons who suffered
the deductions amounts deducted by the Board, for the purposes of tax under the
Wheat Tax Act 1946 in respect of
wheat of that season, from moneys payable by the Board; and
(b)to the extent that the moneys so
received or retained by the Board exceed the amounts necessary for the purposes
of the last preceding paragraph—as if they were proceeds of the sale by the
Board of wheat of that season compulsorily acquired under the National Security
(Wheat Acquisition) Regulations.
Payments
by Board.
9.An
amount paid by the Board, after the commencement of this Act, in relation to
any wheat, to a person who is, at the time of the payment, entitled to a
payment under paragraph (a