States Receipts Duty Act (No. 3) 1970

Overview

The States Receipts Duty (No. 3) Act 1970 was enacted to address the need for additional revenue for the states, distinct from duties of excise or customs. The Act was assented to on 4 November 1970, and it was introduced by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia. This legislation imposes a duty on certain receipts of money at the request of the states, with the rate set at 0.1 per centum of the money received, and is administered in accordance with the States Receipts Duties (Administration) Act 1970. The policy objective is to provide the states with a supplementary source of revenue, separate from the traditional excise and customs duties.

Scope and Application

The States Receipts Duty (No. 3) Act 1970 is designed to impose a duty on certain monetary receipts at the request of the states, distinct from duties of excise or customs. This Act applies to entities and individuals within the Commonwealth of Australia who are involved in transactions that involve the receipt of money, excluding those that are subject to duties of excise or customs. The duty rate is set at 0.1 per centum of the money received, and this duty is administered under the States Receipts Duties (Administration) Act 1970, which is incorporated with this Act and read as one. The geographic reach of this Act is national, covering all states and territories within the Commonwealth. There are no explicit exclusions, exemptions, or thresholds stated in the primary Act, but the specifics of its application can be further detailed through subordinate instruments.

Key Provisions

The main operative sections of the States Receipts Duty (No. 3) Act 1970 are straightforward, with sections 3 and 4 being particularly significant. Section 3 imposes duty on certain receipts of money, clarifying that this duty is distinct from duties of Excise or Customs. Section 4 specifies the rate of this duty at 0.1 per centum of the money received. Section 5 ensures that the States Receipts Duties (Administration) Act 1970 is incorporated into this Act, treating both as a single entity for legal purposes. The Act imposes specific obligations and requirements on the parties or entities it governs. Firstly, it mandates that any duty payable under the Act must be paid in accordance with the provisions of the States Receipts Duties (Administration) Act 1970. This includes ensuring that the duty is calculated correctly at the specified rate of 0.1 per centum of the money received. The Act also requires adherence to the administrative procedures outlined in the incorporated Act to ensure compliance and proper collection of the duty. Breaches of the Act may result in various civil or criminal consequences, as outlined in the States Receipts Duties (Administration) Act 1970. Offences under this Act could include failure to pay the duty, incorrect calculation of the duty, or non-compliance with administrative requirements. Penalties for these offences can include fines, which may vary depending on the severity and frequency of the breach. It is essential for entities subject to this duty to ensure full compliance to avoid any legal repercussions.