SALES TAX (No. 5).
No. 42 of 1950.
An Act to amend the Sales Tax Act (No. 5) 1930–1949.
[Assented to 14th December, 1950.]
BE it enacted by the King’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 Sales Tax Act (No. 5) 1950.
(2.) The Sales Tax Act (No. 5) 1930–1949, as amended by this Act, may be cited as the Sales Tax Act (No. 5) 1930–1950.
Commencement.
2. This Act shall be deemed to have come into operation on the thirteenth day of October, One thousand nine hundred and fifty.
3. Section three of the Sales Tax Act (No. 5) 1930–1949 is repealed and the following sections are inserted in its stead:—
Imposition of tax.
“3. Sales tax is imposed, at the rates specified in the next succeeding section, upon the sale value of goods imported into Australia on or after the thirteenth day of October, One thousand nine hundred and fifty, by a taxpayer.
Rates of tax.
“4. The rates of the sales tax are—
(a) in respect of goods covered by the Second Schedule to the Sales Tax (Exemptions and Classifications) Act 1935–1950—10 per centum;
(b) in respect of goods covered by the Third Schedule to the Sales Tax (Exemptions and Classifications) Act 1935–1950—25 per centum;
(c) in respect of goods covered by the Fourth Schedule to the Sales Tax (Exemptions and Classifications) Act 1935–1950—33⅓ per centum; and
(d) in respect of goods not covered by the Second, Third or Fourth Schedule to the Sales Tax (Exemptions and Classifications) Act 1935–1950 and on the sale value of which it is not provided by that Act that sales tax shall not be payable—per centum.”.
Saving.
4. The sales tax imposed by the provisions repealed by this Act upon the sale value of goods imported into Australia before the date of commencement of this Act by a taxpayer shall continue to be imposed as if those provisions had not been repealed.
Overview
The Sales Tax (No. 5) Act 1950 was enacted to amend the existing Sales Tax Act (No. 5) 1930–1949, addressing the need for updated tax rates and regulations on sales of imported goods. This Act was passed by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, with the intent to streamline and modernise the sales tax system. The primary policy objective was to establish new tax rates applicable to various categories of imported goods, ensuring a more structured and efficient taxation process.
By specifying the new tax rates and repealing the previous provisions, the Act aimed to provide clarity and consistency in the taxation of imported goods, facilitating better compliance and administration within the sales tax framework. This legislative change underscores the commitment to adapting tax laws to meet contemporary economic and commercial needs.
Scope and Application
The Sales Tax Act (No. 5) 1950 amends the existing Sales Tax Act (No. 5) 1930–1949, coming into operation on 13 October 1950. This Act imposes a sales tax on the sale value of goods imported into Australia by a taxpayer on or after this commencement date. The tax rates vary according to the type of goods, as classified in the Second, Third, and Fourth Schedules of the Sales Tax (Exemptions and Classifications) Act 1935–1950, with rates ranging from 10% to 33⅓%. For goods not specified in these schedules, a sales tax is imposed at a rate not explicitly stated in the Act but would typically be determined through subordinate instruments. Notably, the Act also maintains the sales tax for goods imported before the Act's commencement date, ensuring continuity of tax obligations for those transactions.
Key Provisions
The Sales Tax Act (No. 5) 1950 amends the Sales Tax Act (No. 5) 1930–1949 by introducing new provisions for the imposition of tax on goods imported into Australia from a specified date. Section 3 of the original Act is repealed, and new sections are introduced to detail the tax rates applicable to different categories of goods (Section 4). The tax rates are set at 10%, 25%, and 33⅓% for goods listed in the Second, Third, and Fourth Schedules of the Sales Tax (Exemptions and Classifications) Act 1935–1950, respectively. Goods not listed in these schedules and not exempted by the Sales Tax (Exemptions and Classifications) Act 1935–1950 are subject to sales tax at a rate of per centum, which appears to be an error in the text as it does not specify a percentage rate.
The Act imposes obligations on taxpayers to ensure that sales tax is correctly calculated and remitted on the sale value of goods imported into Australia. Section 4 specifies the tax rates applicable to different categories of goods, and taxpayers must ensure that they apply the correct rate based on the classification of the goods. The Act also maintains the existing tax on goods imported before the commencement date, as outlined in Section 4, ensuring continuity in tax liability for certain transactions.
Breaches of the provisions of this Act may result in legal consequences, although the specific penalties and consequences are not detailed in the provided text. Generally, failure to comply with tax obligations can lead to civil and criminal penalties, including fines and imprisonment, depending on the severity and intent of the breach. The exact penalties would be determined under the relevant taxation laws and may vary based on the specific circumstances of the breach.