Gold-Mining Industry Assistance Act 1961

Overview

The Gold-Mining Industry Assistance Act 1961 was enacted by the Queen, the Senate, and the House of Representatives of the Commonwealth of Australia on 24 October 1961, with the Act commencing on 21 November 1961. This Act serves as an amendment to the Gold-Mining Industry Assistance Act 1954–1959, addressing specific needs within the gold-mining industry during that period. The primary objective of this amendment is to facilitate adjustments in the classification of producers and the corresponding subsidy rates applicable for the year ending 30 June 1962. It introduces provisions allowing large producers to elect to be treated as small producers and adjusts the rate of subsidy accordingly to support the industry more effectively.

Scope and Application

The Gold-Mining Industry Assistance Act 1961 amends the Gold-Mining Industry Assistance Act 1954–1959, introducing provisions to assist the gold-mining industry. This Act applies to individuals who are considered large producers in the gold-mining industry for the year ending on the 30th of June 1962, and who may opt to be treated as small producers for that specific year. This is achieved through a written notice to the Treasurer within three months of the end of the year or within an extended period if special circumstances are presented. The Act also modifies the definition of “small producer” to include those who make such an election. Additionally, the rate of subsidy for bullion produced by those treated as small producers is adjusted, reducing the subsidy amount by one penny for each ounce of fine gold exceeding 500 ounces. The Act has a specific temporal and geographic reach, targeting the gold-mining industry within the Commonwealth of Australia for the fiscal year ending on the 30th of June 1962.

Key Provisions

The Gold-Mining Industry Assistance Act 1961 amends the Gold-Mining Industry Assistance Act 1954–1959 to provide specific assistance to the gold-mining industry. Section 1 provides the citation for the new Act, referring to the 1954–1959 Act as the "Principal Act" and noting that the amended Act may be referred to as the Gold-Mining Industry Assistance Act 1954–1961. Section 2 amends the definition of "small producer" in the Principal Act, clarifying that it includes those who have elected to be treated as such for the year ending June 30, 1962. Section 4a introduces the option for large producers to elect, by written notice to the Treasurer, to be treated as small producers for the year ending June 30, 1962, within three months of the year's end or within an extended period allowed by the Treasurer in special circumstances. Section 4 amends the rate of subsidy by reducing the amount for small producers who have elected to be treated as such, with a one penny reduction for each ounce over 500 ounces of fine gold produced. The Act imposes certain obligations on parties within its purview. Under Section 4a, large producers must notify the Treasurer in writing if they wish to be treated as small producers for the specified year. This election must occur within a defined timeframe, with potential for an extension under special circumstances. The Act requires that the notice be in writing and that it be submitted within the stipulated period, failing which the large producer may not receive the benefits of being treated as a small producer. Furthermore, the Act requires compliance with the amended definitions and rates as set forth in the new sections, ensuring that those who elect to be treated as small producers do so in accordance with the legislative requirements. Breach of the requirements set forth in the Gold-Mining Industry Assistance Act 1961 can lead to various consequences. Although the Act does not explicitly detail offences, penalties, or consequences for non-compliance, the failure to adhere to the notification and election requirements could result in the large producer not receiving the reduced subsidy rate intended for small producers. The Act implies that non-compliance may lead to the producer being treated as a large producer for subsidy purposes, thereby foregoing the benefits of the reduced rate. There are no stated maximum penalties within the text, but the financial implications of not qualifying for the reduced subsidy rate could be significant depending on the amount of gold produced and the corresponding subsidy reduction.