SALES TAX (No. 8).
No. 40 of 1931.
An Act to amend the Sales Tax Act (No. 8) 1930.
[Assented to 10th August, 1931.]
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. 8) 1931.
(2.) The Sales Tax Act (No. 8) 1930 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Sales Tax Act (No. 8) 1930-1931.
Commencement.
2. This Act shall be deemed to have commenced on the eleventh day of July, One thousand nine hundred and thirty-one.
Incorporation.
3. Section two of the Principal Act is amended by omitting the figures “1930” and inserting in their stead the figures “1930-1931”.
Imposition of tax.
4. Section three of the Principal Act is amended by omitting the words “to his own use” and inserting in. their stead the words “, before the eleventh day of July, One thousand nine hundred and thirty-one, to his own use, and at the rate of six per centum upon the sale value of goods imported into Australia which are sold to a taxpayer and are applied, on or after that date, to his own use”.
Overview
The Sales Tax (No. 8) Act 1931 was enacted to amend the Sales Tax Act (No. 8) 1930. This legislation was introduced to address the need for updating the tax rate and the scope of taxable sales in light of economic changes and the necessity to generate additional revenue. The Act was assented to on 10th August 1931 by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia. The primary objective of the Act was to incorporate amendments to the Principal Act, specifically to adjust the tax rate on the sale value of imported goods used by taxpayers from the date of 11th July 1931. This adjustment was intended to ensure that the sales tax regime remained effective and responsive to economic conditions.
Scope and Application
The Sales Tax Act (No. 8) 1931 amends the Sales Tax Act (No. 8) 1930, extending its scope to include sales of imported goods sold to taxpayers after the specified date. This Act applies to any person or entity importing goods into Australia, which are subsequently sold to a taxpayer and applied to their own use. The tax is imposed at a rate of six percent on the sale value of these goods, thereby extending the financial burden to those importing goods for personal use. The Act applies across the Commonwealth, enforcing its provisions nationwide. It is important to note that any subordinate instruments or regulations that may further define or expand upon the Act's provisions are not specified within the text provided.
Key Provisions
The Sales Tax (No. 8) Act 1931 introduces amendments to the Sales Tax Act (No. 8) 1930, primarily focusing on the imposition of sales tax on imported goods (section 4). This Act clarifies that sales tax is applicable to goods imported before a specific date (11th July 1931) and then sold to a taxpayer for their own use at the rate of six percent on the sale value of these goods. This amendment ensures that any imported goods sold post this date are subject to the stipulated tax rate.
Entities and individuals involved in the import and subsequent sale of goods must ensure compliance with the new tax provisions. This includes accurately determining the sale value of imported goods and applying the correct tax rate as per the amended Act. Additionally, taxpayers need to maintain proper records of their transactions to substantiate the tax applied and paid on imported goods sold for their own use.
Failure to comply with the tax obligations set out in the Sales Tax (No. 8) Act 1931 may result in significant penalties. The Act does not explicitly detail specific offences or penalties within the provided excerpt, but it is expected that non-compliance could lead to financial penalties, interest on unpaid taxes, and potential legal action. Historically, such breaches could have resulted in fines or other legal repercussions as determined by relevant authorities.
The Sales Tax (No. 8) Act 1931, therefore, sets out clear guidelines on the imposition of sales tax on imported goods, mandates precise record-keeping and compliance for taxpayers, and implicitly suggests stringent measures for non-compliance, ensuring the effective administration of the sales tax regime.