States Receipts Duty Act (No. 2) 1970

Overview

The States Receipts Duty (No. 2) Act 1970 was enacted to address the need for a mechanism through which the Commonwealth could impose a duty on certain monetary receipts at the request of the states. This Act was assented to on 4 November 1970 and came into operation on 18 November 1969. It was enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia. The primary policy objective of the Act is to facilitate the imposition of a customs duty on specified monetary receipts, as detailed in the States Receipts Duties (Administration) Act 1970, thereby providing a means for states to collect revenue through the Commonwealth. The duty rate set by this Act is 0.1 per centum of the money received.

Scope and Application

The States Receipts Duty (No. 2) Act 1970 applies to the imposition of a customs duty on certain receipts of money, as requested by the states, and operates in conjunction with the States Receipts Duties (Administration) Act 1970. The Act imposes a duty of 0.1 per centum on the money received, and this duty is payable as per the administration provisions outlined in the States Receipts Duties (Administration) Act 1970. This Act applies to any person or entity that receives money and is subject to the duty of customs as defined by the legislation. The jurisdictional reach of this Act is national, given its enactment by the Commonwealth of Australia. The Act does not specify any exclusions, exemptions, or thresholds within its text; however, it is possible that subordinate instruments may extend or restrict its application further.

Key Provisions

The States Receipts Duty (No. 2) No. 99 of 1970, as enacted, establishes the framework for imposing a specific duty on certain receipts of money, referred to as States Receipts Duty. The duty is imposed at the request of the States and operates as a duty of Customs (s. 3). The rate of this duty is set at 0.1 per cent of the money received (s. 4). This Act, which came into operation on 18 November 1969 (s. 2), is cited as the States Receipts Duty Act (No. 2) 1970 (s. 1). The Act is closely integrated with the States Receipts Duties (Administration) Act 1970, which is incorporated into this Act and treated as a single document (s. 5). The Act imposes a duty on certain receipts of money, aligning with the States Receipts Duties (Administration) Act 1970. It requires entities to ensure that the duty is paid in accordance with the specified rate, which is 0.1 per cent of the amount received (s. 3, s. 4). The duty is payable in respect of the receipt of money and is recognised as a duty of Customs, meaning it is collected at the border or point of entry into Australia. The integration of the two Acts means that the administration, collection, and enforcement mechanisms outlined in the 1970 Administration Act are applicable to this duty as well. Entities and parties subject to this Act must comply with the duty requirements as stipulated. This includes accurately calculating the duty based on the receipt of money, which is a straightforward 0.1 per cent of the total amount received. Failure to correctly calculate or remit the duty could lead to discrepancies and potential enforcement actions. The incorporated States Receipts Duties (Administration) Act 1970 sets out further obligations, such as record-keeping and reporting requirements, ensuring transparency and compliance with the duty. In terms of enforcement and penalties, while the primary Act does not specify detailed penalties, the incorporated States Receipts Duties (Administration) Act 1970 would govern any breaches. Typically, breaches of duties under such Acts can lead to civil penalties, including fines. The severity of these penalties would depend on factors such as the amount of duty evaded and the intent behind the breach. Criminal penalties may also apply in cases of deliberate or repeated non-compliance, potentially resulting in imprisonment, depending on the jurisdiction and the specific provisions of the accompanying administration Act.