Wool Services Privatisation Act 2000
No. 145, 2000
Compilation No. 9
Compilation date: 1 January 2025
Includes amendments: Act No. 60, 2024
About this compilation
This compilation
This is a compilation of the Wool Services Privatisation Act 2000 that shows the text of the law as amended and in force on 1 January 2025 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self‑repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 1—Preliminary
1 Short title
2 Commencement
3 Schedule(s)
4 Crown to be bound
5 External Territories
6 Extraterritorial operation
Part 2—Privatisation of the Organisation (HoldCo)
Division 1—Interpretation
7 Definitions
Division 2—Application for registration under the Corporations Law
8 Application for registration
Division 3—Transfer of assets etc. before the conversion time
9 Declaration can only be made before conversion time
10 Transfer of assets
11 Transfer of contractual rights and obligations
12 Transfer of liabilities
13 Registration of land transfers
14 Certificates in relation to assets other than land
15 Other transfer methods still available
Division 4—Registration of HoldCo as a Corporations Law company
16 Registration as a company under the Corporations Law
17 Share capital
18 Operation of the Corporations Act after conversion time
19 Accounting records
Division 5—Shares in HoldCo
20 List of Eligible Woolgrowers
21 Issue of shares to eligible woolgrowers
22 Incorrectly issued shares
23 Cancellation of shares in HoldCo
Division 6—Taxation
24 Exemption from stamp duty etc.
25 Share capital
26 No assessable income from issue of HoldCo shares
27 No assessable income to arise from transfers between restructuring bodies
28 Certified demerger matters not to result in CGT event or assessable income
29 CGT cost base for share acquisitions
Division 8—Miscellaneous
33 HoldCo not to be…
Overview
The Wool Services Privatisation Act 2000 was enacted to facilitate the privatisation of the Australian Wool Research and Promotion Organisation, now known as Australian Wool Services Limited, and to address any gaps or issues arising from this transformation. This Act was passed by the Australian Parliament, aiming to ensure a smooth transition from a government-run entity to a privately-owned corporation. The Act outlines procedures for the transfer of assets, liabilities, and contractual rights, as well as the registration of the entity under the Corporations Law, and provisions for taxation and other miscellaneous matters to support this transition. The policy objective is to privatise the organisation efficiently while safeguarding the interests of stakeholders, including woolgrowers, and ensuring compliance with relevant laws and regulations.
Scope and Application
The Wool Services Privatisation Act 2000 applies to the privatisation of the Australian Wool Research and Promotion Organisation (referred to as "the Organisation") and the establishment of Australian Wool Services Limited (referred to as "HoldCo"). This Act applies to HoldCo, its assets, liabilities, contractual rights, obligations, and any other restructuring bodies as defined within the Act. It extends its jurisdiction to all external territories and any acts, omissions, matters, or things occurring outside Australia. The Act applies to persons and entities involved in the privatisation process, including eligible woolgrowers who will become shareholders of HoldCo. The Act also extends to the transfer of assets, contractual rights, and obligations within the restructuring period, which starts at the commencement of the Act and ends two years after the conversion time. The Act can be further extended or modified through subordinate instruments, such as regulations, which may prescribe transitional or saving matters arising from the amendments or repeals made by this Act.
Key Provisions
- The Wool Services Privatisation Act 2000 sets out the framework for the privatisation of the Australian Wool Research and Promotion Organisation (AWRP Organisation). Key sections include the requirement for HoldCo, the entity into which the AWRP Organisation will be converted, to apply for registration as a public company limited by shares with the Australian Securities and Investments Commission (ASIC) under the Corporations Law (s 8). This section also outlines specific exemptions from certain Corporations Law provisions during the application process. Section 9 mandates that any declaration under the Act regarding the transfer of assets, contractual rights, or liabilities can only be made before the conversion time. Sections 10 to 15 detail the mechanisms for transferring various assets, contractual rights, and liabilities between restructuring bodies before the conversion time, including the role of the Minister in making declarations and the subsequent registration of these transfers.
- The Act imposes several obligations on the parties involved. HoldCo is required to apply for registration with ASIC and to follow the procedures for issuing shares to eligible woolgrowers as specified in the List of Eligible Woolgrowers (ss 8 and 20-23). The Minister must prepare and certify this list and ensure that any transfers and registrations comply with the Act (ss 9-15). Additionally, the Act mandates that HoldCo maintain certain accounting records and financial reports post-conversion (s 19).
- Breaching the provisions of the Act can result in various consequences. For instance, incorrectly issued shares can be cancelled under the company’s constitution (s 22), and any failure to comply with the Act’s requirements could potentially lead to legal actions or penalties as provided under other relevant laws. The Act also includes provisions for exemptions from stamp duty and other taxes related to the privatisation process (s 24), and it outlines specific tax treatments for certain transactions to avoid double taxation or capital gains tax implications (ss 26-29). Failure to adhere to these tax provisions could result in additional tax liabilities for the parties involved.
- In summary, the Wool Services Privatisation Act 2000 provides a comprehensive framework for the privatisation of the AWRP Organisation, detailing the registration process, asset and liability transfers, share issuance, and tax implications, while also setting out the obligations and potential consequences for non-compliance.
- Area of Law
- Corporate Law & Governance
- Taxation Law
- Instrument
- Act
- Concepts
- Commencement Provisions
- Repeal & Amendment
- Licensing & Registration
- Taxation
- Reporting & Disclosure Obligations