Phosphate Fertilizers Bounty
No. 40 of 1966
An Act to amend the Phosphate Fertilizers Bounty Act 1963 in relation to the Period in respect of which Bounty is payable under that Act and in relation to Decimal Currency.
[Assented to 27 September, 1966]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Phosphate Fertilizers Bounty Act 1966.
(2.) The Phosphate Fertilizers Bounty Act 1963 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Phosphate Fertilizers Bounty Act 1963–1966.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Specification of bounty.
3. Section 4 of the Principal Act is amended by omitting paragraph (a) and inserting in its stead the following paragraph:—
“(a) during the period from and including the fourteenth day of August, One thousand nine hundred and sixty-three, to and including the thirty-first day of October, One thousand nine hundred and sixty-nine, sold for use in Australia as a fertilizer; or”.
Amendments in relation to decimal currency.
4. The Principal Act is amended as set out in the Schedule to this Act.
THE SCHEDULE Section 4.
Amendments in relation to Decimal Currency
Provisions amended | Omit— | Insert— |
Section 8(1.).............. | Three pounds | Six dollars |
Section 8(2.).............. | Fifteen pounds | Thirty dollars |
Section 8(3.).............. | Three pounds | Six dollars |
Section 9................ | Fifteen pounds | Thirty dollars |
Section 16(2.)............. | Fifty pounds | One hundred dollars |
Section 20(1.)............. | Fifty pounds | One hundred dollars |
Section 20(2.)............. | Five hundred pounds | One thousand dollars |
Section 24(c).............. | Fifty pounds | One hundred dollars |
* Act No. 78, 1963.
Overview
The Phosphate Fertilizers Bounty Act 1966 was enacted to amend the Phosphate Fertilizers Bounty Act 1963, addressing the period for which bounty is payable and adjusting the monetary values to reflect the transition to decimal currency. This Act, assented to on 27 September 1966, was introduced 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 was to update the bounty payment period and monetary values in light of the Australian currency system's conversion to decimal currency. The Act specifically modifies the period of bounty eligibility and adjusts various financial stipulations in the Principal Act to align with the new currency system.
Scope and Application
The Phosphate Fertilizers Bounty Act 1966 amends the Phosphate Fertilizers Bounty Act 1963, addressing the period for which a bounty is payable and adjusting for decimal currency. This Act applies to entities involved in the sale of phosphate fertilizers for use in Australia within the specified period, extending from August 14, 1963, to October 31, 1969. The Act also modifies financial thresholds to reflect decimal currency changes, replacing previous currency values with new dollar equivalents. The geographic reach of the Act is limited to Australia, and it applies to all persons or entities selling phosphate fertilizers within the country during the designated period. There are no stated exclusions, exemptions, or thresholds other than those specified in the amendments. The Act’s provisions are further detailed in the Schedule, which provides specific adjustments to monetary values in line with the decimal currency reform.
Key Provisions
The Phosphate Fertilizers Bounty Act 1966 amends the Phosphate Fertilizers Bounty Act 1963, primarily by extending the period for which a bounty is payable for phosphate fertilizers sold for use in Australia. According to Section 3 of the Act, the bounty will now be payable for fertilizers sold during the period from and including 14 August 1963 to and including 31 October 1969 (Section 3(a)). This amendment ensures that the financial incentive for the use of phosphate fertilizers is available for a longer duration, potentially encouraging increased sales and usage within the specified timeframe.
The Act also mandates adjustments to the monetary values specified in the Principal Act to reflect the transition to decimal currency. As outlined in Section 4 and detailed in the Schedule, various sections of the Principal Act have been updated to reflect the new currency system. For example, Section 8(1) now specifies a bounty of six dollars instead of three pounds, and Section 9 references thirty dollars instead of fifteen pounds. These changes are necessary to maintain the accuracy and relevance of the financial provisions within the Act in light of Australia's shift to decimal currency.
Entities and individuals governed by the Act are required to adhere to the updated specifications regarding the bounty period and monetary values. Manufacturers, sellers, and other stakeholders must ensure that their transactions and calculations comply with the amended provisions. This includes correctly identifying the period for which the bounty is payable and accurately applying the new monetary values when determining bounty amounts.
Failure to comply with the provisions of the Act may result in civil or criminal consequences. While the Act does not explicitly state specific offences or penalties, breaches of financial or regulatory legislation often attract penalties under related Acts or common law. The consequences of non-compliance could include fines, legal action, or other remedial measures, depending on the severity and nature of the breach. The precise penalties would be determined by the relevant authorities and courts, taking into account the specific circumstances of the non-compliance.