States Receipts Duty Act (No. 1) 1970

Overview

The States Receipts Duty (No. 1) Act 1970 was enacted to impose a duty on certain receipts of money at the request of the states. This Act, assented to on 4 November 1970, is a response to the need for a uniform tax on financial transactions to assist states in generating revenue. Enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, the policy objective of this Act is to facilitate the administration of the duty as specified under the States Receipts Duties (Administration) Act 1970. The duty rate is set at 0.1 percent of the money received, and this Act incorporates the aforementioned administration Act, treating them as a single entity for the purposes of interpretation and application.

Scope and Application

The States Receipts Duty Act (No. 1) 1970 applies to all entities and individuals who receive money within the Commonwealth of Australia, thereby subjecting certain monetary transactions to a duty of excise. The Act imposes a duty at the rate of 0.1 per centum on the money received, with the administrative framework and enforcement mechanisms provided by the States Receipts Duties (Administration) Act 1970. This Act is integral to the financial regulatory framework in Australia, ensuring that the prescribed duty is collected and managed according to the administrative provisions set forth in the subordinate legislation. While the primary focus is on the imposition and collection of this excise duty, the jurisdictional reach of the Act is confined to the Commonwealth, applying uniformly across all states and territories within Australia. No specific exclusions, exemptions, or thresholds are mentioned in the Act itself, although the detailed application and specific circumstances under which the duty is applied may be further defined through regulations or administrative guidelines provided by the States Receipts Duties (Administration) Act 1970.

Key Provisions

The primary sections of the States Receipts Duty (No. 1) No. 98 of 1970, or "States Receipts Duty Act (No. 1) 1970" as it is commonly cited, detail the imposition and rate of a specific duty on the receipt of money, as well as the incorporation of the States Receipts Duties (Administration) Act 1970 (section 1, 3, 4 and 5). Section 1 provides the short title of the Act, which helps in referencing it succinctly. Section 3 specifies that the duty imposed by this Act is payable in accordance with the States Receipts Duties (Administration) Act 1970 and applies to certain receipts of money, with the duty being classified as a duty of Excise. Section 4 sets out the rate of the duty, which is 0.1 per centum of the money received. Section 5 incorporates the States Receipts Duties (Administration) Act 1970, indicating that the two Acts are to be read as one cohesive piece of legislation. The Act imposes several obligations on the parties subject to its provisions. These obligations primarily revolve around the payment of the specified duty on certain receipts of money. As stated in section 3, the duty must be paid in accordance with the States Receipts Duties (Administration) Act 1970. This means that entities receiving money subject to the duty must comply with the administrative provisions outlined in the incorporated Act, which likely includes procedures for the assessment, collection, and reporting of the duty. Section 5 reinforces the importance of understanding and adhering to the incorporated Act, as it is considered part of the legislative framework governing the duty. Breach of the obligations under this Act can lead to various consequences, as outlined in the States Receipts Duties (Administration) Act 1970, which is incorporated by reference. Although the specific offences, penalties, and consequences are detailed in the incorporated Act, it is clear that failure to comply with the duty requirements can result in civil or criminal penalties. The precise penalties would depend on the nature and extent of the non-compliance, but they could include fines, penalties for evasion, and possibly more severe criminal charges for deliberate or repeated breaches. The exact maximum penalties would be stipulated within the incorporated Act.