Wool Tax (No. 5) Amendment Act 1985 (Cth)

Wool Tax (No. 5) Amendment Act 1985

No. 89 of 1985

An Act to amend the Wool Tax Act (No. 5) 1964

[Assented to 6 June 1985]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title, &c.

1. (1) This Act may be cited as the Wool Tax (No. 5) Amendment Act 1985.

(2) The Wool Tax Act (No. 5) 19641is in this Act referred to as the Principal Act.

Commencement

2. This Act shall come into operation on 1 July 1985.

3. Section 5 of the Principal Act is repealed and the following section is substituted:

Rate of tax

“5. The rate of the tax imposed on shorn wool exported from Australia is—

(a) 8% of the sale value of the wool; or

(b) if a lower rate is prescribed under section 6 —that lower rate.”.

 

Regulations

4. Section 6 of the Principal Act is amended by omitting sub-section (1) and substituting the following sub-sections:

“(1) Subject to sub-section (2), the Governor-General may make regulations prescribing a rate of tax that is lower than the rate specified in paragraph 5 (a), being a rate that is a particular percentage of the sale value of the shorn wool on which the tax is imposed.

“(2) A percentage specified in a rate of tax prescribed under sub-section (1) shall—

(a) exceed 4%; and

(b) not be such that, at any time, the percentage specified in the rate of tax prescribed under that sub-section is different from a percentage specified in a rate of the tax imposed by the Wool Tax Act (No. 1) 1964, the Wool Tax Act (No. 2) 1964, the Wool Tax Act (No. 3) 1964, or the Wool Tax Act (No. 4) 1964.’’.

NOTE

1. No. 29, 1964. as amended. For previous amendments, see No. 68, 1973; No. 70, 1974; No. 90, 1975: Nos. 37 and 76, 1976; No. 48, 1977; No. 76, 1978; No. 36, 1979; and No. 55, 1980.

 

[Minister’s second reading speech made in—

House of Representatives on 8 May 1985

Senate on 27 May 1985