WOOL TAX ACT (No. 2) 1974
No. 67 of 1974
An
Act to amend the Wool Tax Act (No. 2) 1964-1973.
BE IT ENACTED by the Queen, the Senate and the House
of Representatives of Australia, as follows:—
Short title and citation.
1. (1)
This Act may be cited as the Wool Tax Act (No. 2) 1974.
(2) The WoolTaxAct (No. 2) 1964-1973 is in this Act referred to
as the Principal Act.
(3) The Principal Act, as amended by this
Act, may be cited as the Wool Tax Act (No. 2) 1964-1974.
Commencement.
2. This
Act shall be deemed to have come into operation on 2 September 1974.
Rate of tax.
3. Section 5 of the Principal Act is amended—
(a) by omitting the words “The rate” and substituting
the words “Subject to sub-section (2), the rate”; and
(b) by adding at the end
thereof the following sub-section: —
“(2) The rate of the tax in respect of wool
purchased by a registered wool-dealer from a person other than a wool-broker on
or after 2 September 1974 and before 1 July 1975, is a rate per centum of the
sale value of the wool equal to the sum of 5 per centum and the rate per centum
that would, but for this subsection, be the rate of the tax. ”.
Regulations.
4. Section
6 of the Principal Act is amended by omitting from sub-section (1) the words
“paragraph (a) of the last preceding section” and substituting the words
“paragraph 5(1)(a)”.
Application.
5. Where
tax has been paid before the date on which this Act received the Royal Assent
in respect of wool on which tax was imposed by section 4 of the Principal Act,
being wool purchased by a registered wool-dealer from a person other than a
wool-broker on or after 2 September 1974, the further tax imposed on that wool
by virtue of the operation of this Act is due and payable at the expiration of
21 days after that first-mentioned date.
NOTES
1. Act No. 67,1[D1] 974; assented to 1 October 1974.
2. Act No. 26,1[D2] 964, as amended by No. 65, 1973.
[D1]insert space before
[D2]insert space before