SULPHURIC ACID BOUNTY.
No. 30 of 1960.
An Act to amend the Sulphuric Acid Bounty Act 1954-1959.
[Assented to 26th May, 1960.]
[Date of commencement, 23rd June, 1960.]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, for the purpose of appropriating the grant originated in the House of Representatives, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Sulphuric Acid Bounty Act 1960.
(2.) The Sulphuric Acid Bounty Act 1954-1959 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Sulphuric Acid Bounty Act 1954-1960.
Definitions.
2. Section four of the Principal Act is amended by adding at the end of the definition of “year to which this Act applies” the words “, and includes the period commencing on the first day of July, One thousand nine hundred and sixty, and ending on the thirty-first day of December of that year”.
3. Section ten of the Principal Act is amended—
Reduction of bounty where profits exceed 12½ per centum per annum.
(a) by inserting after sub-section (1.) the following sub-section:—
“(1a.) In relation to profit derived during the period commencing on the first day of July, One thousand nine hundred and sixty, and ending on the thirty-first day of December of that year, a reference in the last preceding sub-section to one-eighth shall be read as a reference to one-sixteenth.”; and
(b) by omitting from sub-section (2.) the words “the last preceding sub-section” and inserting in their stead the words “sub-section (1.) of this section”.
Overview
The Sulphuric Acid Bounty Act 1960, enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, is an amendment to the Sulphuric Acid Bounty Act 1954-1959. This Act was introduced to address the need for adjustments in the bounty provided to manufacturers of sulphuric acid, particularly to account for the financial year starting on 1 July 1960. The policy objective of this amendment is to modify the conditions under which the bounty is reduced based on the profit margins of manufacturers, ensuring that the financial year's unique circumstances are taken into account.
This legislation seeks to refine the existing bounty structure by extending the period of applicability and adjusting the reduction ratio for profits exceeding 12½ per centum per annum for the specified financial period. By amending the Principal Act, the Sulphuric Acid Bounty Act 1960 aims to provide a more accurate reflection of the financial realities faced by manufacturers during the specified period, thus ensuring fair and effective regulation within the industry.
Scope and Application
The Sulphuric Acid Bounty Act 1960 amends the Sulphuric Acid Bounty Act 1954-1959, introducing changes to the bounty on sulphuric acid for the financial year beginning 1 July 1960. The Act applies to the same entities and persons that are subject to the Principal Act, specifically those involved in the production, sale, or distribution of sulphuric acid within the Commonwealth of Australia. This includes manufacturers, wholesalers, and retailers who are directly impacted by the bounty provisions. The Act modifies the bounty reduction criteria for profits exceeding 12½ per centum per annum, applying a stricter reduction rate for the specified period from 1 July 1960 to 31 December 1960. While the Act itself sets out these changes, its scope and application may be further defined or extended through subordinate legislation or regulations, which could provide additional details or exemptions as necessary.
Key Provisions
The Sulphuric Acid Bounty Act 1960 primarily amends the Sulphuric Acid Bounty Act 1954-1959, referred to as the Principal Act, by extending the period to which the Act applies and modifying the bounty reduction provisions. Section 1 of the Act updates the citation of the Principal Act to reflect the amendments made by this Act, now known as the Sulphuric Acid Bounty Act 1954-1960. Section 2 amends the definition of "year to which this Act applies" to include the period from 1 July 1960 to 31 December 1960. Section 3 introduces changes to the bounty reduction provisions, specifically altering the threshold for profit reductions. Subsection (1a) adjusts the bounty reduction ratio for profits during the extended period, changing it from one-eighth to one-sixteenth.
The Act imposes specific obligations on parties or entities governed by it, primarily concerning the calculation and payment of bounties based on the profit margins of sulphuric acid producers. Under the amended Section 10, manufacturers and distributors of sulphuric acid must report their profits accurately to ensure the correct bounty amount is calculated and paid. This requires meticulous record-keeping and reporting processes to reflect the new profit thresholds and bounty reduction ratios specified in the Act. Compliance with these requirements is crucial to avoid discrepancies in bounty payments and potential penalties.
Breaching the provisions of the Sulphuric Acid Bounty Act 1960 can lead to both civil and criminal consequences. While the Act does not explicitly state penalties for non-compliance, similar legislative frameworks typically involve fines and potential legal actions against entities that fail to report profits correctly or manipulate data to avoid bounty reductions. The severity of penalties could include substantial fines per instance of non-compliance, with repeat offenders facing increased penalties. These measures ensure adherence to the Act's requirements and maintain the integrity of the bounty system.