TRACTOR BOUNTY.
No. 14 of 1953.
An Act to amend the Tractor Bounty Act 1939-1950.
[Assented to 8th April, 1953.]
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 Tractor Bounty Act 1953.
(2.) The Tractor Bounty Act 1939-1950 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Tractor Bounty Act 1939-1953.
Commencement.
2. This Act shall be deemed to have come into operation on the twenty-fourth day of October, One thousand nine hundred and fifty-two.
Limit of annual bounty.
3. Section four of the Principal Act is repealed.
Specification of bounty.
4. Section six of the Principal Act is amended by omitting the word “fourteen” and inserting in its stead the word “sixteen”.
Rates of bounty.
5.—(1.) Section seven of the Principal Act is amended—
(a) by omitting the table contained in sub-section (1.) and inserting in its stead the following table:—
Belt pulley horse-power of engine. | Bounty per tractor. |
| £ |
Exceeding 10 but not exceeding 15............................... | 80 |
Exceeding 15 but not exceeding 20............................... | 100 |
Exceeding 20 but not exceeding 30............................... | 140 |
Exceeding 30 but not exceeding 40............................... | 180 |
Exceeding 40 but not exceeding 55............................... | 240 |
(b) by omitting from sub-sections (2.) and (3.) the word “forty-four” and inserting in its stead the word “fifty-two”.
(2.) The amendments effected by this section apply in relation to bounty payable in respect of tractors which are produced after the commencement of this Act.
(3.) Section seven of the Principal Act continues to apply, as if this Act had not been passed, in relation to bounty payable in respect of tractors which were produced before the commencement of this Act and after the twenty-fourth day of October, One thousand nine hundred and fifty.
Reduction of bounty where profits exceed five per centum per annum.
6.—(1.) Section nine of the Principal Act is amended by omitting from sub-sections (1.),
(2.) and (3.) the words “ten per centum” (wherever occurring) and inserting in their stead the words “five per centum”.
(2.) The amendments effected by this section apply in relation to the net profit of a manufacturer from the manufacture and sale of tractors during—
(a) that part of the financial year ending on the thirtieth day of June, One thousand nine hundred and fifty-three, which consists of the period which commenced on the date of commencement of this Act and ends on the last day of that financial year; and
(b) any financial year, or part of a financial year, after that financial year.
(3.) Section nine of the Principal Act continues to apply, as if this Act had not been passed, in relation to the net profit of a manufacturer from the manufacture and sale of tractors during—
(a) any financial year, or part of a financial year, before the financial year ending on the thirtieth day of June, One thousand nine hundred and fifty-three; and
(b) that part of that last-mentioned financial year which consists of the period which commenced on the first day of that financial year and ended on the day immediately preceding the date of commencement of this Act.
Overview
The Tractor Bounty Act 1953 was enacted to amend the existing Tractor Bounty Act 1939-1950, addressing the need to update the subsidy structure for tractor manufacturers in light of changing economic conditions and technological advancements in the agricultural sector. The Act was assented to on 8 April 1953 by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia. It aimed to adjust the bounty rates and criteria for tractor manufacturers, thereby encouraging continued investment and innovation in agricultural machinery. The policy objective was to support the agricultural industry by providing financial incentives to manufacturers, ensuring they remained competitive and capable of producing advanced machinery. This legislation reflects a legislative response to economic and industrial developments, ensuring that subsidies remained relevant and effective in supporting Australia's agricultural sector.
Scope and Application
The Tractor Bounty Act 1939-1953 applies to manufacturers of tractors within the Commonwealth of Australia, specifically addressing the bounty payable on tractors produced after the Act's commencement. The Act amends the Tractor Bounty Act 1939-1950, modifying the specification of the bounty and the rates at which it is payable based on the belt pulley horse-power of the tractor engine. Notably, the Act increases the maximum bounty amount and adjusts the rates of bounty for different horsepower ranges, applying these changes to tractors produced post-commencement while maintaining the original rates for those produced before the Act's commencement but after a specific date in 1950. Additionally, the Act modifies the threshold for reducing the bounty where a manufacturer's profits exceed a certain percentage, lowering this threshold from ten to five per centum per annum. The changes to the profit threshold apply to the financial year ending on 30 June 1953 and subsequent financial years, while the original threshold continues to apply to earlier financial years and the portion of the 1952-1953 financial year preceding the Act's commencement.
Key Provisions
The Tractor Bounty Act 1953 primarily amends the Tractor Bounty Act 1939-1950, with changes taking effect from 24 October 1952 (section 2). The new Act, which may be cited as the Tractor Bounty Act 1939-1953, introduces changes to the bounty specifications and rates, the maximum annual bounty, and conditions under which the bounty may be reduced (sections 3, 4, 5). It also modifies the threshold for profit reduction from ten per centum to five per centum (section 6).
Entities governed by the Tractor Bounty Act 1939-1953 must adhere to the new specifications and rates for bounty, particularly those related to the belt pulley horse-power of engines and the revised maximum bounty amount (section 5). Manufacturers must also keep records and report net profits accurately, particularly in relation to the new five per centum threshold for profit reduction (section 6). These obligations ensure compliance with the amended legislative requirements.
Failure to comply with the provisions of the Tractor Bounty Act 1939-1953 may result in civil or criminal consequences, including fines and penalties. The exact penalties are not specified in the text, but breaches of legislative requirements can lead to legal action against non-compliant manufacturers. Ensuring adherence to the Act's provisions is crucial to avoid any potential legal ramifications.