Sulphate of Ammonia Bounty Act (No. 2) 1966

Overview

The Sulphate of Ammonia Bounty Act (No. 2) 1966 was enacted to amend the existing Sulphate of Ammonia Bounty Act 1962–1964 and its subsequent amendment by the Sulphate of Ammonia Bounty Act 1966. This Act, assented to on 29 October 1966, was brought into operation by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia. Its primary aim is to adjust the bounty periods, the limits of available bounty, and the conditions under which the bounty is payable for sulphate of ammonia, addressing any gaps or issues that may have arisen in the original legislation. The Act seeks to provide clarity and updates to the bounty framework in response to the changing economic conditions and needs within the industry.

Scope and Application

The Sulphate of Ammonia Bounty Act (No. 2) 1966 applies to entities involved in the sale of sulphate of ammonia within Australia, with the principal focus on those selling the product during specified periods. The Act amends the Sulphate of Ammonia Bounty Act 1962–1964, and its amendments are effective from 1 October 1966, as per the Act's commencement clause. The Act outlines specific financial limits on the bounty available for sulphate of ammonia sold during various periods, and it exempts certain bounty calculations from applying to sales made after 26 October 1966. The Act operates nationally across Australia, impacting industries involved in the production and sale of sulphate of ammonia, but it does not explicitly state exclusions or thresholds beyond those related to the bounty limits and the specified periods. The Act's application may be further defined or extended through subordinate instruments, although the primary text does not elaborate on this aspect.

Key Provisions

The Sulphate of Ammonia Bounty Act (No. 2) 1966 amends the Sulphate of Ammonia Bounty Act 1962–1964, as previously amended by the Sulphate of Ammonia Bounty Act 1966, to establish new terms and conditions for the bounty on sulphate of ammonia. The operative sections, primarily sections 1, 2, 3, 4, 5, and 6, provide for the citation of the amended act, the commencement date, the interpretation of terms, the limits of available bounty, the reduction of bounty based on profit margins, and the amendments to the accounts section. These sections collectively redefine the scope and financial parameters governing the bounty provided for sulphate of ammonia. The Act imposes specific obligations on the parties involved, primarily manufacturers and sellers of sulphate of ammonia. It mandates adherence to the newly defined periods and bounty limits, which include distinct periods from October 1966 to January 1969, with corresponding limits of available bounty for each period. Additionally, the Act stipulates that the reduction of bounty where profits exceed ten per centum per annum will not apply to bounty payable for sulphate of ammonia sold after October 26, 1966. These obligations are aimed at ensuring that the bounty system remains fair and effective within the specified timeframes. In terms of penalties and consequences for non-compliance, the Act does not explicitly detail specific offences or penalties within the provided text. However, it is reasonable to infer that any breach of the specified bounty limits, failure to comply with the defined periods, or misrepresentation of accounts could lead to legal ramifications. Although the text does not provide explicit maximum penalties, it is likely that breaches of this nature could result in civil or administrative penalties under the broader legislative framework governing bounties and subsidies in Australia.