GOLD-MINING INDUSTRY ASSISTANCE.
No. 23 of 1956.
An Act to amend the Gold-Mining Industry Assistance Act 1954.
[Assented to 23rd May, 1956.]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, for the purpose of appropriating the grant originated in the House of Representatives, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Gold-Mining Industry Assistance Act 1956.
(2.) The Gold-Mining Industry Assistance Act 1954 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Gold-Mining Industry Assistance Act 1954–1956.
Commencement.
2. This Act shall be deemed to have come into operation on the eighteenth day of November, One thousand nine hundred and fifty-four.
3. Section six of the Principal Act is repealed and the following section inserted in its stead:—
Years to which Act applies.
“6. The years to which this Act applies are the year ending on the thirtieth day of June, One thousand nine hundred and fifty-five, and the next four succeeding years.”.
Reduction of subsidy where profits exceed ten per centum per annum.
4. Section twelve of the Principal Act is amended by omitting sub-section (2.) and inserting in its stead the following sub-section:—
“(2.) Where the Treasurer is satisfied that the application of the last preceding sub-section would cause the net profit derived by the producer from the production and sale of bullion produced by him in any two consecutive years (after taking subsidy into account) to be less than an amount equal to twenty per centum of the capital used by him in that production and sale, the Treasurer may modify the application of that sub-section in relation to those years to such extent as he, in his absolute discretion, thinks fit.”.
Overview
The Gold-Mining Industry Assistance Act 1956 was enacted to amend the Gold-Mining Industry Assistance Act 1954, aiming to address the financial needs of the gold-mining sector during a critical period. This Act, assented to on 23 May 1956, was passed by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia. The primary objective of this legislation is to adjust the application of the subsidy to ensure that the industry remains viable while maintaining a fair balance between government support and the profitability of mining operations. The Act extends its applicability to cover the financial year ending on 30 June 1955 and the subsequent four years, providing a framework for financial assistance that considers both the industry's needs and the economic sustainability of gold producers.
Scope and Application
The Gold-Mining Industry Assistance Act 1956, as an amendment to the Gold-Mining Industry Assistance Act 1954, applies to gold mining entities within the Commonwealth of Australia, specifically focusing on those involved in the production and sale of gold bullion. This legislation primarily concerns the financial assistance provided to the gold-mining industry during the specified years, aiming to support the industry by adjusting subsidies based on profitability. The Act provides a framework for the Treasurer to modify subsidies where the net profit derived by producers from the production and sale of gold exceeds a certain threshold. Geographically, the Act's reach is confined to the Commonwealth, with its provisions applying to all gold-mining operations within Australia. The Act delineates the years it applies to, extending from the year ending on the 30th of June, 1955, and the next four succeeding years, providing a clear temporal scope for its application. While the Act does not explicitly state exclusions or exemptions, the provisions concerning the reduction of subsidies where profits exceed ten per centum per annum suggest that the Act's benefits are conditional on the financial performance of the gold-mining entities.
Key Provisions
The Gold-Mining Industry Assistance Act 1956 (Act) primarily modifies the Gold-Mining Industry Assistance Act 1954 (Principal Act). It extends the application of the Act to the year ending 30 June 1955 and the next four succeeding years (section 6). A significant amendment is the introduction of a new provision allowing the Treasurer to reduce the subsidy if the net profit derived by the producer from the production and sale of bullion exceeds a certain threshold (section 4(2)). Specifically, the Treasurer can modify the subsidy if the net profit, after accounting for the subsidy, is less than 20% of the capital used in the production and sale of bullion for any two consecutive years. This modification is at the absolute discretion of the Treasurer.
Under the Act, gold producers are subject to certain obligations concerning the reporting and calculation of their net profits and the capital used in bullion production. They must provide accurate financial data to the Treasurer to ensure compliance with the subsidy provisions. This includes maintaining detailed records of their production, sales, and capital investments. Producers are also required to report any changes in their financial circumstances that might affect their eligibility for the subsidy. Additionally, they must adhere to the guidelines and deadlines set by the Treasurer for submitting the necessary information.
Failure to comply with the provisions of the Act can result in significant consequences. The Act does not explicitly outline specific offences or penalties, but the general principle is that any breach of the legislative requirements can lead to the imposition of penalties. The extent and nature of these penalties would typically be determined based on the specific nature and severity of the breach. It is important for gold producers to understand their obligations and to ensure that they adhere to the Act to avoid potential civil or criminal liabilities. In cases of non-compliance, the Treasurer has the authority to take appropriate action, which may include financial penalties or other corrective measures.