Wool Tax (No. 5) Regulations (Amendment) (Cth)

Statutory

Rules1991No. 213 1

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Wool Tax (No. 5) Regulations 2(Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Wool Tax Act (No. 5) 1964.

 Dated 27 June 1991.

  BILL HAYDEN

 Governor-General

 By His Excellency’s Command,

R. McMULLAN

Parliamentary Secretary to the Treasurer

 for and on behalf of the

 Treasurer

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1.   Commencement

1.1   These Regulations commence on 1 July 1991.

2.   Amendment

2.1   The Wool Tax (No. 5) Regulations are amended as set out in these Regulations.

3.   Regulation 3 (Prescribed lower rate of tax)

3.1   Omit the regulation, substitute:

Rate of tax

“3.

(1)  For the purposes of paragraph 5 (1) (b) of the Act, the rate of tax for the financial year commencing on 1 July 1991 that is applicable to shorn wool (other than carpet wool) on which the tax is payable is 12% of the sale value of the wool.

“(2)

For the purposes of paragraph 5 (2) (b) of the Act, the rate of tax for the financial year commencing on 1 July 1991 that is applicable to carpet wool on which the tax is payable is 3% of the sale value of the wool.”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 28 June 1991.

 

2. Statutory Rules 1987 No. 147 as amended by 1990 No. 197.