STATUTORY RULES.
1941. No. 237.
REGULATIONS UNDER THE WAR-TIME (COMPANY) TAX ASSESSMENT ACT 1940.*
WHEREAS it is provided by sub-section (1.) of section 21 of the War-time (Company) Tax Assessment Act 1940 that if a Board of Referees is satisfied that, owing to some unavoidable condition associated with any class of business, it is just that a greater statutory percentage than that specified in section 20 of that Act should be prescribed, Regulations made under the Act may, in respect of that class of business, prescribe such greater statutory percentage as the Board, after inquiry, recommends:
And whereas a Board of Referees, being satisfied that owing to some unavoidable condition associated with the class of business prescribed hereunder, a greater statutory percentage than that specified in section 20 of the Act should be prescribed, has, after inquiry, recommended the greater percentage hereunder prescribed in respect of that class of business:
Now therefore I, the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the War-time (Company) Tax Assessment Act 1940.
Dated this Twenty-Fourth
day of September , 1941.
Governor-General.
By His Excellency’s Command,
Treasurer.
“War-time (Company) Tax (Statutory Percentage) Regulations.
Citation.
1. These Regulations may be cited as the War-time (Company) Tax (Statutory Percentage) Regulations.
Open-cut Scheelite Mining.
2.—(1.) In respect of the class of business known as Open-cut Scheelite Mining, the statutory percentage for the purposes of the War-time (Company) Tax Assessment Act 1940 shall be ten per centum.
(2.) This regulation shall apply to all assessments for the financial year commencing on the first day of July, One thousand nine hundred and forty and all subsequent financial years.
* Notified in the Commonwealth Gazette on , 1941.
By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.
5675.—22/5.9.1941.—Price 3d.
Overview
The War-time (Company) Tax (Statutory Percentage) Regulations, enacted in 1941, were formulated under the authority of the War-time (Company) Tax Assessment Act 1940. This legislation was introduced to address specific fiscal needs during the Second World War, allowing for a greater statutory percentage to be prescribed for certain businesses deemed to have unavoidable conditions affecting their profitability. The enacting body was the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council. The policy objective was to provide equitable tax assessments for companies operating under challenging wartime conditions, ensuring that the tax burden was appropriately adjusted to reflect the unique circumstances of different industries. These regulations specifically targeted the open-cut scheelite mining sector, setting a statutory percentage of ten per centum for the financial year beginning 1 July 1940 and all subsequent years, reflecting the Board of Referees' recommendation based on the unique challenges faced by this industry during the war.
Scope and Application
The War-time (Company) Tax (Statutory Percentage) Regulations 1941, made under the War-time (Company) Tax Assessment Act 1940, specifically apply to the class of business known as Open-cut Scheelite Mining. The Act establishes a statutory percentage of ten per cent for this particular industry, which is higher than the standard rates prescribed in the Act. This regulation affects all assessments for the financial year starting on the first of July, 1940, and all subsequent financial years. The application of these regulations is limited to the Commonwealth of Australia, with the specific focus on companies engaged in Open-cut Scheelite Mining. The Act's application can be extended or restricted through subordinate instruments, providing flexibility to adapt the statutory percentages to changing circumstances and industries as necessary. The regulations do not explicitly state any exclusions or exemptions beyond the specified class of business, and thresholds are not mentioned in the text.
Key Provisions
The War-time (Company) Tax (Statutory Percentage) Regulations (No. 237 of 1941) introduce a special statutory percentage for certain classes of business during the war period. Section 2 of these regulations specifically addresses the percentage applicable to open-cut scheelite mining, setting it at ten per centum for the purposes of the War-time (Company) Tax Assessment Act 1940. This regulation applies to all assessments starting from the financial year beginning on the first day of July 1940 and continuing through subsequent financial years.
These regulations impose specific obligations on companies engaged in open-cut scheelite mining. They require these companies to adhere to the ten per centum statutory percentage when calculating their tax liabilities, in accordance with the War-time (Company) Tax Assessment Act 1940. The Board of Referees plays a crucial role in ensuring that the prescribed percentage is correctly applied based on the unavoidable conditions associated with the business class.
Failure to comply with the provisions outlined in these regulations can result in legal consequences. Although the specific offences, penalties, or consequences for breach are not detailed in the text, it is implied that non-compliance could lead to civil or criminal actions under the relevant tax legislation. Companies must ensure they are aware of and adhere to the statutory percentage to avoid potential legal repercussions.