WOOL SALES DEDUCTION (ADMINISTRATION).
No. 29 of 1950.
An Act to provide for the Collection and Recovery of Amounts payable under the Wool Sales Deduction Act (No. 1) 1950, and the Wool Sales Deduction Act (No. 2) 1950, and for the Application of those Amounts.
[Assented to 2nd December, 1950.]
BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title.
1. This Act may be cited as the Wool Sales Deduction (Administration) Act 1950.
Commencement.
2.—(1.) Subject to this section, this Act shall be deemed to have come into operation on the twenty-eighth day of August, One thousand nine hundred and fifty.
(2.) Nothing in this Act renders a person liable to be prosecuted in respect of anything done or omitted by him before the date on which this Act receives the Royal Assent.
Administration.
3. The Commissioner shall have the general administration of this Act.
Interpretation.
4.—(1.) In this Act, unless the contrary intention appears—
“income tax” has the same meaning as that expression has in the Income Tax Assessment Act 1936–1919;
“person” includes a partnership;
“producer”, in relation to wool, means the person who has produced the wool and, where two or more persons have produced the wool otherwise than as partners, includes those persons jointly;
“provisional tax” has the same meaning as that expression has in Division 3 of Part VI. of the Income Tax Assessment Act 1936–1949;
“registered person” means a person who is registered by the Commissioner in pursuance of this Act;
“ship’s agent” means the owner or charterer or the representative of the owner or charterer of an overseas ship;
“the Commissioner” means the person holding the office of Commissioner of Taxation under the Income Tax Assessment Act 1936–1949;
“wool” means sheep’s wool or lambs’ wool, whether greasy or scoured, and includes wool processed by or on behalf of the producer, but does not include wool on skins or removed from skins;
“wool deduction certificate” means a certificate delivered to a person in accordance with section eight of this Act;
“year of income” has the same meaning as that expression has in the Income Tax Assessment Act 1936–1949’.
(2.) For the purposes of this Act—
(a) a person is deemed to have produced wool, being wool shorn on or after the date of commencement of this Act, if he owned that wool immediately after the wool was shorn; and
(b) a person is deemed to have produced wool, being wool shorn before the date of commencement of this Act, if he owned that wool immediately before that date.
(3.) For the purposes of this Act, where…
Overview
The Wool Sales Deduction (Administration) Act 1950 was enacted to facilitate the collection and recovery of amounts payable under the Wool Sales Deduction Act (No. 1) 1950 and the Wool Sales Deduction Act (No. 2) 1950, as well as to manage the application of those amounts. The Act was passed by the Commonwealth Parliament, aiming to streamline the administrative processes associated with wool sales deductions. The primary policy objective of this legislation is to ensure that the prescribed deductions from wool sales are effectively collected and applied, thereby supporting the financial obligations of wool producers under the relevant Acts.
Scope and Application
The Wool Sales Deduction (Administration) Act 1950 applies to the collection and recovery of amounts payable under the Wool Sales Deduction Act (No. 1) 1950 and the Wool Sales Deduction Act (No. 2) 1950. It pertains to individuals and entities involved in the sale or purchase of wool, specifically those who sell or dispose of wool on behalf of wool producers or purchase wool directly from producers. The Act applies across the Commonwealth of Australia, and its provisions are applicable to sheep’s wool and lambs’ wool, whether greasy or scoured, processed by or on behalf of the producer. Excluded are instances where wool is sold on behalf of a producer who presents a valid certificate, wool produced in the Northern Territory, wool sold for export outside Australia, and transactions occurring after the cessation of the Wool Sales Deduction Act (No. 1) 1950. The application of the Act may be extended or modified through subordinate instruments, such as regulations and delegated authority, which may prescribe penalties for offences against the regulations.
Key Provisions
- The Wool Sales Deduction (Administration) Act 1950 establishes the framework for the collection and recovery of amounts payable under the Wool Sales Deduction Act (No. 1) 1950 and the Wool Sales Deduction Act (No. 2) 1950, as well as the application of those amounts. The Commissioner, as defined in the Act, is responsible for the administration of this Act (section 3). The Act mandates registration of individuals or entities involved in the sale or purchase of wool on behalf of a producer, with penalties for failure to register within the stipulated period (section 5). Producers and those acting on their behalf must pay a prescribed proportion of the proceeds from wool sales to the Commissioner, which discharges the producer’s liability under the Wool Sales Deduction Act (No. 1) 1950 (section 6). Additionally, those making such payments must deliver a wool deduction certificate to the producer and the Commissioner (section 8).
- The Act imposes several obligations on the parties it governs. Producers and intermediaries must register with the Commissioner if they are involved in the sale or purchase of wool (section 5). Producers must ensure that amounts deducted from wool sales are paid to the Commissioner within specified timelines and must submit relevant returns (section 17). Intermediaries must deliver wool deduction certificates to both the producer and the Commissioner when making payments (section 8). Failure to comply with these obligations can result in financial penalties and legal action for recovery of unpaid amounts.
- The Act includes provisions for offences and penalties for breaches. For instance, failure to register within the required timeframe results in a penalty of one hundred pounds (section 5). Similarly, failure to deliver a wool deduction certificate to the producer when required incurs a penalty of twenty pounds (section 16). Additionally, the Act allows for the recovery of unpaid amounts with interest at a rate of ten percent per annum (section 19). Legal action can be initiated to recover unpaid monies, and the Commissioner may remit additional amounts for sufficient reasons.
- In cases where the proportion of the sale value or appraised value of wool is fixed after the commencement of a financial year and is less than the previous year's proportion, or if no proportion is fixed before the end of the financial year, the Commissioner is required to refund or credit the producer accordingly (section 11). The Commissioner also has the discretion to apply the provisions of this Act in cases of hardship, allowing for credits or payments to be adjusted to alleviate undue financial burden on producers (section 12).
- Overall, the Wool Sales Deduction (Administration) Act 1950 is designed to streamline the collection and application of deductions from wool sales, ensuring that the appropriate amounts are remitted to the Commonwealth while providing mechanisms for relief and penalties for non-compliance.
- Area of Law
- Taxation Law
- Instrument
- Act
- Concepts
- Definitions & Interpretation
- Commencement Provisions
- Licensing & Registration
- Reporting & Disclosure Obligations
- Penalty for unpaid moneys
- Regulatory Standards
